Bitcoin rally is now expected as high as $125,000 by the end of 2024, according to Matrixport, a provider of cryptocurrency services and one of the few companies to turn Bitcoin bull run late last year.
The prediction is based on statistics showing that after prices signal the end of a bear market, which they accomplish by establishing a 12-month high for the first time in at least a year, a multi-month bull market that includes a stratospheric leap in market value will unfold.
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Table of Contents
• Will Bitcoin Price Surge Again In 2023?
• Bitcoin Price Growth History
• Can Bitcoin Price Rally Reach $100,000 by 2023?
• Can Bitcoin Market Rally Reach $1,000,000 by 2025?
Bitcoin Price Analysis
As soon as prices reached $31,000, their highest level since June 2022, that signal was raised late last month. In the past, prices have risen after previous indications in August 2012, December 2015, May 2019, and August 2020.
For the first time in a year, the Bitcoin rally reached a new one-year high on June 22, 2023. According to Markus Thielen, head of research and strategy at Matrixport, this signal has traditionally signaled the end of bear markets and the beginning of new crypto bull markets.
According to Thielen, “If the past is any indication, the average return of the signals triggered in 2015, 2019 and 2020 indicates that the price of bitcoin might increase by +123% over a period of twelve months and by +310% over a period of eighteen months. Accordingly, prices would increase to $65,539 in a year and $125,731 after a year and a half.”
Thielen called the 2013 price surge of 5,285%, which followed the 2012 warning, an “epic, out-of-proportion” bull market.
Will Bitcoin Price Surge Again In 2023?
According to the most recent data gathered by CoinMarketCap, a Bitcoin rally is once again on the road to recovery. The coin is now trading at $30,500, up around 1% over the last week, giving it a monthly gain of 12.87%. Due to a variety of micro and macro reasons, Bitcoin’s flow was unpredictable until it ultimately crossed the crucial $31,000 level.
The bounce back of Bitcoin over the past two weeks has been facilitated by factors such as the decline in the value of the dollar, a slowdown in inflation data, and the cessation of rate rises in the United States, among others.
According to CoinMarketCap, the market value of all cryptocurrencies has grown by roughly 1.37% during the last day, hitting $1.19 trillion.
When the U.S. Securities and Exchange Commission, SEC, sued one of the top cryptocurrency exchanges, Binance, and its founder and CEO, Changpeng Zhao (CZ), Bitcoin had dropped below $26,000 and was trading at a three-month low prior to this rally.
The price of bitcoin was declining when Binance, one of the top cryptocurrency exchanges, had problems with the U.S. SEC over the inappropriate management of customer funds and violations of securities law.
In its complaint, the US SEC accused Binance of engaging in a sophisticated scheme to circumvent US federal securities rules by establishing two corporations known as Binance.US and Binance.com.
A company owned by its creator CZ is also accused of taking part in manipulating the trading volume of cryptocurrencies listed on its Binance U.S. platform.
Bitcoin Price Growth History
Investors begin to question how much Bitcoin could be worth in the long run if there are signs of a Bitcoin rally. Bitcoin initially didn’t seem to be worth much. A May 2010 request for two large pizzas in return for 10,000 Bitcoin is the first instance of a physical good being purchased with digital currency.
The price of a Bitcoin skyrocketed to $1,000 in 2013, fell short of $20,000 in 2017, and then there was a Bitcoin rally to around $68,800 per coin in November 2021.
From a coin’s pizza-based pricing of 0.2 cents, Bitcoin has come a long way. Laszlo Hanyecz effectively spent $212 million on those tomato pies at the current price of $21,230 per Bitcoin.
Therefore, it could appear reasonable to anticipate a million-dollar price tag within the following ten years if the cryptocurrency’s value rose by more than 10 million times in just 12 years.
If we carefully examine the data, previous Bitcoin halving occasions have been able to identify long-term bullish drivers for the price of Bitcoin. The halving of Bitcoin’s supply, which causes a Bitcoin rally, is intimately tied to the deflationary tendency of the cryptocurrency.
The entire supply of Bitcoin is capped because it is a decentralized cryptocurrency and cannot be issued by governments or any central banks.
The so-called “Bitcoin Whales” have also resumed their BTC holdings. The large Bitcoin whales keep between 1,000 and 10,000 BTC in their wallets, according to data from on-chain aggregator Santiment. This demonstrates that investors have been stocking up on BTC, which may be a sign that the Bitcoin rally is starting again.
Can Bitcoin Price Rally Reach $100,000 by 2023?
We are all aware that the Bitcoin rally has started with more than an 80% increase since the year’s beginning. With such enormous and unexpected growth, it has undoubtedly outperformed a number of other important assets and provided fantastic returns to those who purchased BTC at a discount.
The world’s largest cryptocurrency has reached a new height, and the market is very excited to see what comes next. Bitcoin rally will hit new record highs this year, predicts Marshall Beard, chief strategy officer at the American cryptocurrency exchange Gemini. “$100,000 price figure is an interesting number if Bitcoin rally gets to its previous record high of near $69,000,” he said.
In order for Bitcoin to hit the magical $1 lakh mark, it would need to climb by a factor of 270%. Paolo Ardoino, the chief technology officer of Tether, is also generally optimistic about Bitcoin. According to him, the Bitcoin rally might “retest” its record high of around $69,000.
If this mystical figure is actually reached by Bitcoin, it would need to rise by 270% to reach the level of $1 lakh. Paolo Ardoino, the chief technology officer of Tether, is also generally optimistic about the Bitcoin rally. His prediction was that Bitcoin would “retest” its record high of over $69,000.
In case the Bitcoin rally indeed reaches this mystical level, it will need to experience a 270% increase in price in order to reach the level of $1 lakh.
Similarly upbeat about Bitcoin is Tether’s chief technology officer, Paolo Ardoino. He claimed that Bitcoin might “retest” its record high of over $69,000.
However, 2023 appears to be a favorable year for Bitcoin proponents, who have always viewed the cryptocurrency as a “safe-haven investment” or “digital gold” that can provide investors with a solid hedging opportunity or an alluring return during times of chaos.
The possibility of more aggressive interest rate hikes by the U.S. Federal Reserve has decreased significantly, which has had a substantial positive impact on Bitcoin price soaring.
Can Bitcoin Market Rally Reach $1,000,000 by 2025?
People who are passionate about Bitcoin price and a Bitcoin rally prediction frequently have inflated expectations for their favorite money. After this brief bull run, many people have speculated that BTC, the most valuable digital currency in the world, may hit $10 lakh by the year 2025.
This significant and fictional sum of $10 lakh has been repeated by a number of well-known personalities in the cryptocurrency sector.
One of the largest British multinational banks, Standard Chartered, raised its estimated price for Bitcoin rally from $1,000 to $120,000 by the end of 2024 in one of its most recent research reports, citing greater profitability for Bitcoin miners. Before the year was out, the MNC bank forecast that BTC would reach $50,000.
Samson Mow, a Chinese-Canadian Bitcoin entrepreneur and the CEO of the cryptocurrency business JAN3, believes that over the next five years, the currency’s value will reach $1 million.
Balaji Srinivasan, a financier and former head of technology at Coinbase, made yet another absurd prediction, this time saying that the Bitcoin rally would hit $10 lakh or even more within 90 days.
The value of the dollar will fall as the world approaches the stage of hyperinflation, and people will start buying more and more Bitcoins, claims Srinivasan. A very quick increase in the price of products and services over time is referred to as “hyperinflation”.
However, cryptocurrency experts believe that Bitcoin may only reach $10 lakh in the coming years and that it would be difficult to predict this amount in 2023 or in the next 90 days.
The chief strategy officer of the American cryptocurrency exchange Gemini, Marshall Beard, asserts that “Bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don’t want,” but it could take up to ten years to even approach this extreme estimate.
Will the Current Bitcoin Price Momentum Reverse in 2023?
Another group of investors who want to know how to invest in cryptocurrency, businesses, and influential organizations hold a different viewpoint on Bitcoin and are sure that it will probably drop soon. They saw this upsurge as a huge “bull trap” as opposed to a “bull run.”
Mark Mobius, the wealthy founder of Mobius Capital Partners and a seasoned international investor, has previously predicted that Bitcoin will have a severe downturn in 2022 and may drop as low as the $10,000 level.
Similar to this, Matthew Sigel, head of research for digital assets at global financial management firm VanEck, forecasts that Bitcoin will drop to $12,000 levels as a result of growing energy costs.
It is also a little surprising that the international bank Standard Chartered predicted the price of Bitcoin. They deny a significant Bitcoin rally and predict that Bitcoin could fall to the $5,000 level in 2023.
Analysts believe that stricter monetary policy and rising interest rates will prevent Bitcoin from making a strong recovery in the near future.
Due to the market’s ambiguity, investors won’t opt to purchase or invest in hazardous assets like Bitcoin. Additionally, BTC holders may sell their holdings, which would put more pressure on the markets.
Conclusion
Bitcoin rally explained above, there are a variety of viewpoints and predictions regarding the Bitcoin rally, some of which are upbeat and others which are pessimistic. Only time will be able to tell where Bitcoin will go next.
Bitcoin is regarded as being strong and has a significant capacity for comebacks. The Bitcoin bubble will burst over the next ten years, according to some knowledgeable observers. However, the face of cryptocurrency continues to be a favorite among many and has assisted investors in building significant fortunes over time.
