Bitcoin tops $40K for first time in 19 months, Matrixport tips $125K in 2024

Bitcoin

Bitcoin (BTC) has reached the $40,000 level for the first time since April 2022, climbing around 2% in 24 hours.

Bitcoin surged from under $39,500 to strike above $40,000 on Dec. 3, according to CoinGecko.

It also marks a new year-to-date high for Bitcoin, which is up over 140% since Jan. 1.

The price of Bitcoin over the last 12 months, which has gone from under $17,000. Source: CoinGecko

In a Nov. 30 note, Matrixport predicted that Bitcoin would hit over $60,000 by April next year and $125,000 by the end of 2024.

“The years when Bitcoin mining rewards were halved were generally bullish,” Matrixport explained. Bitcoin is expected to again halve — when mining rewards are cut by 50% — in mid-April 2024.

“As miners tended to hoard Bitcoins before each halving, prices increased by +200%, which would project Bitcoin reaching $125,000,” Matrixport said.

Articles You May Like

States, construction coalition urge revamp of Buy America policies
US says it will act if China dumps goods on global markets
More outflows from muni mutual funds but market sees positive shift
Top Wall Street analysts like these 3 stocks for long-term growth
Exceptions are crucial in move to one-minute reporting standard