- Matrixport said bitcoin could top out at $125,000 by December 2024 in a bull market.
- The firm believes a bitcoin bullrun has been underway since June 2023, fueled by an influx of institutional investors.
- Bitcoin recorded a 16% gain in the past week, according to data from CoinMarketCap.
Amid recent excitement in the crypto market, top crypto trading firm Matrixport, in a recent report, predicted that the world’s largest cryptocurrency by market cap, bitcoin, could reach $125,000 in a current bull market. According to the report, the eagerly anticipated bitcoin bull run started earlier this year.
Matrixport’s view is that the fifth bitcoin bull market started on June 22, 2023. This was when the crypto token’s price topped a new one-year high, thus marking the start of the fifth bull run.
Per the report, the trading firm pointed out that this bull run is fueled by institutional interest in bitcoin. Matrixport added that the first bitcoin bull market in 2011 was driven by BTC’s adoption as a new payment mechanism.
The report found that the second bull market happened after Chinese investors keyed into the asset as an alternative to local currency, …
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