Cryptocurrency experts predict bitcoin’s growth to $ 125,000

Matrixport analysts have released a new report on the cryptocurrency industry. According to the experts, the cryptocurrency bitcoin BTC $62,665.94 Bitcoin -0.36% Market capitalization $1.24 trillion VOL. 24 hours $1.27 billion «has gone through four bullish market cycles, each of which is conditioned by its own history.» Analysts predicted the coin’s price to rise to $ 125,000 in 2024 and talked about 4 bullish stages of the flagship crypto market.

Experts said that the first stage occurred back in 2011. It was caused by the use of BTC as a payment mechanism. Then, the bull market was triggered by the policy of China, where bitcoin was recognized as an alternative form of money. After that, the third cycle began. It was marked by a rapid growth in the number of initial coin offerings (ICOs) «as a new means of creating and financing companies.»

The fourth stage was observed in the summer of 2020. Then, market participants «were gripped by a fever of interest in decentralized finance (DeFi), followed by a global craze for non-fungible tokens (NFTs).»

Now, Matrixport researchers are waiting for the fifth wave. According to the experts, it will be driven by expectations of institutional and global adoption of bitcoin. The experts emphasized that the characteristics of the digital coin have traditionally been associated with gold and treasury bonds, which has prompted institutions to consider the crypto asset as a means of diversification.

According to Matrixport analysts, the new bull market began on June 22, 2023. It was then that the BTC rate reached a local maximum for the first time in a year. Experts emphasized that at its peak, the main cryptocurrency could bring investors up to 310% profit.

Earlier, cryptocurrency analysts at Matrixport claimed that the crypto industry could receive from $ 24 billion to $ 50 billion if the BlackRock spot bitcoin ETF is approved.