Quotes of the first cryptocurrency may overcome the $125,000 mark before the end of next year. This was stated by the head of research of the cryptofinancial service Matrixport Markus Thielen to CoinDesk.
Source: Matrixport Technologies
“On 22 June, bitcoin hit a new yearly high. This signal has historically indicated the end of bear markets and the beginning of bull markets,” he explained.
According to Thielen, the bitcoin price could soar 123% in 12 months and 310% in a year and a half. With such growth, the asset will rise in price to $65,539 and $125,731 respectively, the expert added.
The forecast is based on the average yield of similar signals in the past: in August 2012, December 2015, May 2019 and August 2020. The first case with a growth of 5285% in 18 months Tilen deliberately ignores, calling it “epic” and “disproportionate”.
Earlier, Dan Tapiero, co-founder of 10T Holdings and Gold Bullion International, declared the end of the crypto market’s bear phase and predicted an “explosive” rally.
In April, analysts at Standard Chartered predicted bitcoin’s growth to $100,000 by the end of 2024.
In May, former BitMEX CEO Arthur Hayes ruled out updating the historical maximum of digital gold in 2023, but admitted such a possibility next year.