Galaxy Digital CEO Mike Novogratz believes that in 2024 after the launch of spot bitcoin-ETF crypto funds in the U.S. market, the value of the largest digital currency could soar to $69,000.
Matrixport analysts are focused on a more aggressive scenario. In their opinion, by the end of next year, bitcoin could test values at $125,000.
By the time of halving, the BTC exchange rate will be at $63,140. Matrixport notes that 2014 marked the beginning of a three-year period of growth in the cryptocurrency market. The same thing happened after a bearish 2018.
In 2022, the value of BTC collapsed by 65%, and 2023 was the first phase of a new three-year bull cycle.
Halving has traditionally had a positive impact on bitcoin’s movement, analysts recalled. After the 2012 halving of miners’ rewards, BTC rose 186%.
After the 2016 and 2020 halvings, it added 126% and 297% to its value, respectively.
The Federal Reserve rate cut will also help bitcoin strengthen. Matrixport has no doubt that in 2024, the cryptocurrency will renew its historic high.