Bitcoin (BTC) could surge to an all-time high of $125,000 by the end of 2024, according to research by crypto services provider Matrixport. The prediction comes as the flagship cryptocurrency has surged to $35,000 this week, with the possibility of the first consecutive weekly green candle since late July/early August.
The research states that the fifth bull market for BTC is being driven by institutional interest and a soaring price trajectory. It also identifies a spot Bitcoin ETF as potentially being one of the catalysts for the bullish market.
Matrixport highlights that BTC at current prices could be a huge bargain given the expected influx of institutional money. It also believes the optimal entry point was in October 2022 when Bitcoin traded at $17,000. The firm states that the narrative is now centered around institutional adoption and asset diversification.
The increasing institutional interest in Bitcoin has seen it viewed more and more like traditional safe-haven assets such as Gold and Treasury bonds. This could prove to be a major factor in driving the price of Bitcoin to $125,000 by late 2024.
