Bitcoin has soared past the $41,500 mark, a peak it hasn’t seen in over a year and a half. The digital currency’s value surged by approximately 2% within a day, crossing the threshold on December 3, as per CoinGecko’s latest figures. This surge is not just a fleeting moment but marks the highest valuation of Bitcoin since April 2022, also setting a record for its performance this year, with a staggering 140% increase since the beginning of January.
Despite this impressive growth, Bitcoin is still trailing behind its all-time high of $69,000, which it reached back in November 2021. Nevertheless, experts from Matrixport, with Markus Thielen at the helm of research, have cast an optimistic forecast. Thielen’s analysis points to a bullish trend, suggesting that Bitcoin could reach over $60,000 by April 2024, and potentially soar to $125,000 by the end of that year. This prediction is anchored in historical patterns observed in the aftermath of crypto bear markets, which typically precede multi-year bullish cycles.
The anticipated Bitcoin halving event in mid-April 2024, where mining rewards are expected to be slashed by half, is also playing a significant role in these projections. Thielen notes that historically, such events have led to a price increase of over 200%.
Adding to the fervor is the speculation around the imminent approval of a spot Bitcoin ETF in the United States. With 13 contenders, including heavyweights like BlackRock and Grayscale, the crypto community is abuzz with the potential impact of such a development, which Standard Chartered suggests could catapult Bitcoin to six-figure valuations before the close of the next year.
