Hold on tight, crypto enthusiasts! According to Marcus Thielen, head of research at Matrixport, the first cryptocurrency is poised to surpass the remarkable $125,000 milestone by the close of next year.
Thielen points to a significant signal: Bitcoin’s recent surge to a new annual high on June 22. Historically, this has signaled the end of bear markets and the beginning of bull markets, igniting excitement among investors.
If Thielen’s predictions hold true, we could witness an incredible 123% surge in Bitcoin’s price over the course of 12 months, followed by an astounding 310% increase within a year and a half. This meteoric rise would catapult Bitcoin’s value to an estimated $65,539 and eventually to a staggering $125,731!
Thielen’s forecast draws on the average returns of similar signals observed in the past, excluding the “epic” and “disproportionate” rise of 5285% over 18 months. He emphasizes that this time, the projection aligns with historical patterns and market trends.
The positive outlook for Bitcoin’s future is further supported by Dan Tapiero, co-founder of 10T Holdings and Gold Bullion International, who predicts an “explosive” rally in the crypto market.
While we eagerly await these potential milestones, it’s worth noting that analysts at Standard Chartered had previously forecasted Bitcoin to reach $100,000 by the end of 2024, reinforcing the overall bullish sentiment.