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Bitcoin soars above $41K, institutions bet on $120K+ by 2024

Matrixport and Standard Chartered predict that Bitcoin will rise above $100,000 in 2024 as the halving takes place, and as spot ETFs hit the market.

Bitcoin, the world’s first and largest cryptocurrency, reached a fresh 19-month high this morning, surging past $41K.

In the early hours of December 4, Bitcoin broke past the $40K level and is now trading at $41,691, per CoinGecko data.

The increase represents a 5.6% gain in the past 24 hours, and a 19.4% gain over the past 30 days.

Despite starting the year in bear market conditions, 2023 has been a stellar year for Bitcoin, which has gained a staggering 143% from last year.

Institutions are betting that Bitcoin will soon soar past $120K

In a November 29 research note, Matrixport’s Head of Research, Markus Thielen, reaffirmed the company’s prediction that Bitcoin will reach $63,140 by April 2024 and $125,000 by the end of 2024.

“The bear market of 2014 (-58%) was followed by three years of a bull market, and the bear market of 2018 (-72%) was followed by another three years of a bull market,” he explained.

The report suggests that we have now entered a three-year bull market, with 2023 being “the first year”.

Thielen looked toward the halving, stating that halving years are “generally bullish”, with 2020 seeing a gain of nearly 300%.

Related: Bitcoin mining stocks continue to outpace BTC with triple-digit gains

“As miners tended to hoard Bitcoins before each halving,” he said, “prices increased by +200%, which would project Bitcoin reaching $125,000.”

Standard Chartered has also expressed confidence in Bitcoin soaring above $100,000 in 2024, particularly in light of spot Bitcoin ETFs hitting exchanges earlier-than-expected.

In a November 28 research note, Head of FX Research Geoff Kendrick said that the bank expects “more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs.”

This suggests that Bitcoin could reach $100,000 by the end of 2024, Kendrick said.

At the time of writing, the US Securities and Exchange Commission (SEC) has 13 spot ETF applications on its desk.

Two senior Bloomberg analysts have forecasted a 90% chance of approval by January 10. The most anticipated approval is BlackRock, which is the world’s largest asset manager.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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