The price of Bitcoin could surpass $125,000 before the end of next year, the head of the research department at cryptofinancial service Matrixport has said.
According to him:
"On June 22, 2023, Bitcoin made a new one-year high, marking the first time in a year. This signal has historically indicated the end of bear markets and the start of new crypto bull markets."
The price of Bitcoin could soar 123% in 12 months and 310% in a year and a half, he has said. With such growth, the asset will rise in price to $65,539 and $125,731, respectively, he has added.
The forecast is based on the average performance of similar signals in the past: in August 2012, December 2015, May 2019 and August 2020.
The first case, with a growth of 5,285% in 18 months, Thielen deliberately ignores, calling it "epic" and "out-of-proportion."
The co-founder of 10T Holdings and Gold Bullion International, Dan Tapiero, has previously announced the end of the bear phase of the cryptocurrency market and predicted an "explosive" rally.