These are the two main resistances of Bitcoin before the jump to $125K: Matrixport

As Bitcoin hovers near the $35,000 mark, fueling a massive rally in the crypto market, a new report hints at further gains for the major crypto asset.

Matrixport, a digital asset trading firm founded by Bitcoin founder Wu Jihan, believes that the current bull market, which began in June this year, has reached a new one-year high for Bitcoin. Historically, this signal has consistently shown high returns with an average return of over 310%.

Drawing on this signal, Matrixport predicts that Bitcoin could reach $125,000 in December 2024, more than six months after the halving.

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October ‘Perfect Entry Time'

Matrixport had earlier predicted that October would be a strong month for Bitcoin, a prediction that has proven to be fairly accurate so far.

The crypto asset has risen more than 25% since trading near $27,000 at the beginning of the month to around $34,000 at press time. Bitcoin hit $35,000 on October 24, marking a 17-month high. However, Matrixport's target suggests it could reach $45k by the end of the year, representing growth of nearly 33% from current levels.

The next $63,000 target stands around mid-2024, clearing the way for the $125,000 projection to come into play.

Matrixport also highlighted that the recent Bitcoin bull market seems to have expectations of institutional adoption.

“Typically associated with assets like gold and other safe investments like Treasury bonds, Bitcoin's characteristics have led institutions to consider Bitcoin to diversify their asset allocation. It is no coincidence that Bitcoin is booming at a time when the US debt-to-GDP ratio has reached unsustainable levels.

Arthur Hayes' Bold Bitcoin Predictions

A similar prediction was made by Bitmex founder Arthur Hayes, who said bitcoin would reach $1 million by 2030. He argued that rising geopolitical tensions and wartime inflation could fuel the next bull run.

He also confirmed this prediction, explaining that central banks, including the Federal Reserve, facing challenges in controlling interest rates, may adopt policies aimed at stabilizing rates at “politically expedient” levels.