Key Takeaways:
- A Matrixport report stated that Bitcoin price might reach $125,000 by the end of 2024.
- BTC price climbed above $31,000 again on July 6.
NEW DELHI (CoinChapter.com) — 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. Matrixport based the prediction on the fact that Bitcoin recently formed a new one-year high in June. The firm highlighted that the occurrence has historically indicated the end of bear markets.
Previous occurrences took place in Aug 2012, Dec 2015, May 2019, and Aug 2020, with the actual bull markets materialising in 2013, 2017, and 2021.
Matrixport noted in its report
Furthermore, the firm claimed that there was “a 100% probability” of BTC price achieving the predicted price target. The report noted that approval for BlackRock Bitcoin ETF might drive demand for the prime crypto token, propelling BTC price to $45,000 by 2023 end.
Matrixport highlighted that BTC price remained about 2% away from $31,799, the firm’s predicted Bitcoin price for July 2023.
Meanwhile, Changpeng ‘CZ‘ Zhao, CEO of Binance, predicted that Bitcoin would begin its bull run after its halving event in 2024. CZ shared his prediction during a “Ask me anything” session on Twitter.
The Binance CEO also welcomed BlackRock’s spot ETF effort, stating it would be “hugely beneficial” for the crypto sector. CZ gave 2025 as the likely year for a Bitcoin bull run.
BTC Price Crosses Above $31,000, Again
BTC price rallied nearly 4% on July 6 to form a daily high of $31,500, slightly above its previous one-year high of $31,458. However, bears made their presence felt near the upper price levels, forcing Bitcoin price to pare some of the day’s gains.
For the rally to continue, bulls would need to needle above the resistance near $32,000. A break and hold above $32,000 might attract more buyers to the market, helping BTC price target the resistance near $33,700 before downside corrections pare gains.
On the other hand, bears would try to force Bitcoin price to test its 20-day EMA (red wave) support near $29,900. Failure of the 20-day EMA support could lead to BTC price dropping to the 50-day EMA (purple wave) support level near $28,600 before recovering.
The relative strength index for Bitcoin remained neutral, with a value of 66.63 on the daily charts.
