Matrixport Research, the research department of Matrixport, has reiterated its prediction that the value of Bitcoin (BTC) will reach $63,000 by April 2024 and $125,000 by the end of the year.
The company made these bold predictions based on the expectation of the continuation of the fifth Bitcoin bear market, which allegedly began on June 22, 2023. At that time, the price of BTC was around $30,000.
The price target of $63,000 by April 2024, which is the first target set by Matrixport Research, implies an increase of approximately 65% from current prices, while the second target of $125,000 indicates an increase of about 230%.
According to current data, the price of BTC has increased by more than 1.5% in the past 24 hours, surpassing $38,000 and trading around $38,251. As the largest cryptocurrency by market value, the price of BTC has shown an increase of 1.98% in the last 7 days and 11.01% in the last 30 days.
However, it has been observed that the trading volume of the cryptocurrency has decreased by 4.95% in the past 24 hours and has not accompanied the price increase. This has led to speculation that the price may show a convincing rise and then fall below a previous support level, resulting in a ‘bull trap’.