Bitcoin Price Could Reach $125,000 by 2024: Matrixport Report
• Matrixport, a crypto financial services platform, predicted that the BTC price could rally to $125,000 per token by the end of 2024.
• Changpeng ‘CZ’ Zhao, CEO of Binance, predicted that Bitcoin will begin its bull run after its halving event in 2024.
• On July 6th, BTC price rallied nearly 4% and formed a daily high of $31,500 slightly above its previous one-year high of $31,458.
Matrixport Predicts Bitcoin Price Could Reach $125K By 2024
Crypto financial services platform Matrixport remains bullish on Bitcoin according to its latest report. The firm predicted that the BTC price could rally to $125,000 per token by the end 2024 based on recent events indicating the end of bear markets and potential approval for BlackRock Bitcoin ETF driving demand for the prime crypto token.
Binance CEO CZ Predicts Bull Run After Halving Event In 2024
Changpeng ‘CZ’ Zhao, CEO of Binance, also shared his prediction during an “Ask me anything” session on Twitter welcoming BlackRock’s spot ETF effort stating it would be “hugely beneficial” for the crypto sector. He gave 2025 as the likely year for a Bitcoin bull run.
BTC Price Crosses Above $31K Again
On July 6th, BTC price rallied nearly 4% forming a daily high of $31,500 which is slightly above its previous one-year high of $31,458. For further growth in prices bulls need to needle above resistance near $32k while bears try to force Bitcoin prices down to test 20-day EMA (red wave) support near $29900 or 50-day EMA (purple wave) support level near $28600 before recovering.
Market Indicators Remain Neutral
The relative strength index for Bitcoin remained neutral with a value of 66.63 indicating no clear direction from buyers or sellers in terms of momentum at this time.
Conclusion
In conclusion Matrixport and Binance remain bullish on bitcoin despite market indicators remaining neutral at this point in time predicting prices reaching as much as 125k by end of 2024 after halving event and depending on approval for BlackRock’s spot ETF bringing more demand into market and potentially driving prices higher than expected levels
