Abstract : Historically, when this signal is triggered, Bitcoin has returned an average of +310%.
October 26 (ChainDD) Crypto service provider Matrixport said in its latest report that bitcoin has gone through four bull cycles, each driven by a different factors. The fifth Bitcoin bull market appears to be largely driven by expectations of institutional adoption.
Bitcoin's characteristics have traditionally been associated with assets such as gold and other safe-haven investments such as Treasury Bonds, which has led institutions to consider using Bitcoin to diversify their asset allocation.
It is no coincidence that Bitcoin has soared at a time when the US debt to GDP ratio has reached unsustainable levels. Matrixport said that this bull market officially began on June 22, 2023, with Bitcoin hitting a new one-year high for the first time in a year.
Historically, when this signal is triggered, Bitcoin has returned an average of +310%.
Based on this signal, Matrixport estimates that Bitcoin could reach $125,000 by December 2024. It is expected to rise further as it gains momentum.