Matrixport is a crypto services provider that was one of the few firms who turned bullish in bitcoin (BTC) at the end of last year. Now, Matrixport expects the top cryptocurrency to rise to $125,000 by 2024.

This forecast is based upon data showing that a multi-month bull market characterized by a meteoric rise in the market value occurs once the prices confirm the end a bear market. They do this by setting a 12-month peak for the first time since at least one year.

This signal was activated late last month, after the prices reached $31,000, their highest level since June 2022. The previous signals were in August 2012 and December 2015. Prices rose in the years following.

This is the first time that bitcoin has reached a new high in over a year. This signal has historically been a sign of the end of bear market and the beginning of a new crypto bull market,” Markus Thielen said in a CoinDesk report.

If history is any indication, the bitcoin price could rise by +123% in a year and by +310% in 18 months, based on the average return from the signals that were triggered between 2015 and 2020. This would raise prices to $65,539 over twelve months, and $125.731 in eighteen. Thielen concluded.

Thielen dismissed the 2012 signal, and the 5,285% increase in price that followed in 2013, describing it as an “epic bull market out of proportion”.

Bitcoin has recently reached a new 12-month high, the first in over a year. This signal has historically been used to indicate the end of bear market and the beginning of new bull markets in crypto. (Matrixport) (Matrixport)

CoinDesk data shows that Bitcoin exchanged hands for nearly $30,700 as of press time.

Matrixport’s analysis is in line with the tendency of bitcoin to show sharp upward trends 12-18 months following the halving of the mining rewards. The fourth halving will take place in March/April of next year, reducing the number of new coins per block from 6.5 BTC to 3.25 BTC.

Bitcoin’s performance has dropped from its previous “one-year peak signal”. (Matrixport) (Matrixport)

Sheldon Reback is the editor.