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Matrixport is optimisticis biased towards Bitcoin. Matrixport's head of research and strategy, Markus Thielen, believes that the leading cryptocurrency will grow to $125,000 by the end of 2024.
Markus Thielen predictsseveral months of a bull trend and the end of a bear market. According to him, the signal of a bullish cycle was the rise in the price of Bitcoin to $31,000, which is the highest level since June 2022. There were similar signals in August 2012, December 2015, May 2019 and August 2020.
“On June 22, 2023, Bitcoin reached a new annual high for the first time in a year. This signal has historically signaled the end of bearish cycles and the beginning of new bullish trends,” Thielen said.
He noted that based on history, the price of Bitcoin could rise by 123% in twelve months and by 310% in eighteen months.
“This trend comes from the average returns of signals triggered in 2015, 2019 and 2020,” Thielen said.
Let us recall that earlier the head of the research and strategy department of Matrixport compared investing in meme cryptocurrencies with the hobby of lottery games.