The cryptocurrency community is buzzing with anticipation of the next Bitcoin bull run, but according to a new in-depth analysis from Matrixport, it might already be underway.
Matrixport, a leading all-in-one crypto financial services platform, recently released a report suggesting that the fifth Bitcoin bull market began on June 22, 2023. Interestingly, this date is the same as when Bitcoin reached a one-year high for the first time in 12 months.
Matrixport noted that Bitcoin has gone through four previous bull cycles, each driven by unique narratives. The first started in 2011 when Bitcoin emerged as a new digital payment system, and the second commenced when China recognized Bitcoin’s potential as an alternative currency.
The financial services platform stated that the third cycle was driven by the rise of initial coin offerings (ICOs) in 2017, while the fourth bull market started in 2021, fueled by surging interest in DeFi and NFTs.
However, the primary driver of this fifth bull market, as per Matrixport, is the growing institutional adoption of crypto products. It claimed that investors increasingly view Bitcoin as a tool for diversifying portfolios and hedging against inflation. It also added that unsustainable US debt levels are also prompting institutions to store some of their assets as crypto.
The report further predicted that Bitcoin might reach an all-time high of $125,000 by December 2024 based on historical bull run price patterns.
The detailed analysis within the report outlined how this bull cycle could unfold over the next 16 months.
Matrixport anticipates Bitcoin reaching approximately $45,000 by December 2023 and remaining at that level in January 2024. It expects the token to dip briefly in February, likely due to profit-taking.
However, Matrixport foresees a robust Bitcoin rebound in Q2 2024, with the price potentially surging to $63,130. Following this, Bitcoin may enter a consolidation phase through the third quarter into early Q4, setting the stage for a year-end rally. This rally could culminate in Bitcoin reaching $125,000 in December 2024.
Matrixport also identifies late October 2022 as the optimal entry point to buy Bitcoin ahead of the next halving event, expected in 2024. Those who followed this advice, with Bitcoin trading around $17,000 at that time, are now well-positioned to benefit from the bullish trend.
These insights from Matrixport provide an optimistic perspective on Bitcoin’s future and have generated excitement in the crypto community about the ongoing bull run.
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