A new forecast for Bitcoin has arrived for Bitcoin. According to the views of crypto services provider Matrixport. The company draws attention to the upward trend of BTC in the last months of the year. The company thinks that this rising trend will continue. So what level will BTC reach?
Saying that the rally has started, Matrixport points to the end of the year for Bitcoin. Accordingly, he emphasizes that it will potentially reach $56,000 by December 31, 2023. There is a widely accepted adage on Wall Street. Accordingly, the bull market tends to continue unless an external force intervenes. This also applies to Bitcoin. The leading cryptocurrency is currently at the level of 35 thousand dollars. There has been an increase of 144% since the beginning of the year.
Several factors are contributing to this extraordinary rise, including growing optimism surrounding the spot ETF, speculation that the Federal Reserve’s liquidity tightening cycle has peaked, and increased demand from institutional investors. According to Matrixport, the combination of these factors will pave the way for a 65% price increase. Thus, Bitcoin could push the price of BTC above $65,000 by the end of the year.
Has the BTC rally started?
Matrixport Research and Strategy Manager Markus Thielen makes an important statement on the subject. Accordingly, Thielen emphasizes that “if Bitcoin has gained at least 100% value by this point of the year, there is a 71% probability of finishing the year on a higher note.” Also, historically, year-end rallies have averaged around 65%. Based on these statistics, Thielen said, “BTC continues to offer upside potential. Accordingly, a 65% end-of-year rally would increase prices to $56,000.” he adds.
The data shows an interesting view of Bitcoin’s historical performance. In seven of the last 12 years, BTC gained at least 100% in the first 10 months. Over these years, Bitcoin has experienced an average increase of 65% in the last eight weeks. Additionally, once Bitcoin’s value rises at least 50% by the end of October, there is an average of 78% probability that it will continue to rise by the end of the year. Accordingly, there is another increase of 68% on average in the last two months of the year.
The potential for Bitcoin to surge significantly by the end of the year remains a distinct possibility. There is a consistent historical background and factors that are currently valid in the cryptocurrency market. Accordingly, the stage is set for a potentially notable “New Year’s Rally” that could see Bitcoin surpass the $56,000 level by the close of 2023.
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