Share this article
Bitcoin Could Rally to $125K by End-2024: Matrixport
The forecast is consistent with bitcoin's tendency to chalk out sharp gains in the months after the mining reward halves. The fourth halving is due early next year.
Updated Jul 6, 2023, 7:55 a.m. Published Jul 6, 2023, 7:55 a.m.
Crypto services provider Matrixport, one of the few firms to turn bullish on bitcoin late last year, now expects the leading cryptocurrency to rally to as high as $125,000 by the end of 2024.
The forecast is based on data that show a multimonth bull market comprising a meteoric surge in market value unfolds once prices confirm the end of a bear market, which they do by setting a 12-month high for the first time in at least a year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
That signal was triggered late last month after prices topped $31,000, the highest since June 2022. Previous signals occurred in August 2012, December 2015, May 2019 and August 2020, with prices rallying in the following years.
"On June 22, 2023, bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets," Markus Thielen, head of research and strategy at Matrixport, said in a report shared with CoinDesk.
"If history is any guide, bitcoin prices could climb by +123% over twelve months and by +310% over eighteen months – based on the average return of the signals triggered in 2015, 2019 and 2020. That would lift prices to $65,539 in twelve months and $125,731 over eighteen months," Thielen added.
Thielen ignored the 2012 signal and the subsequent 5,285% price rise in 2013, calling it an "epic, out-of-proportion" bull market.
Bitcoin changed hands near $30,700 at press time, CoinDesk data show.
Matrixport's view is consistent with bitcoin's tendency to chalk out sharp uptrends in the 12-18 months after the mining reward halves. The fourth halving, which will cut the new coins paid per block to 3.25 BTC from 6.5 BTC, is set to happen in March/April next year.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Reopens India Signups, Targets Fiat On-Ramp in 2026 After Two-Year Freeze
Coinbase halted services entirely in 2023, off-boarded millions of Indian users and shuttered local access while reassessing regulatory exposure.
What to know:
- Coinbase has resumed onboarding users in India, marking its return to the market after a two-year hiatus due to regulatory issues.
- The exchange is currently allowing crypto-to-crypto trading and plans to reintroduce fiat on-ramps next year.
- Despite regulatory challenges, Coinbase is investing in India, including increasing its stake in local exchange CoinDCX.
Top Stories
