Bitcoin Bulls Drive Market Rally

Bitcoin bulls maintain their strength and drive the BTC price close to $35K, driving a broader crypto market rally. Over the past day, the market capitalization of all cryptocurrencies increased by 1% to $1.27 trillion, with Bitcoin and Ethereum surpassing the $34,000 and $1,800 thresholds, respectively.

In the meantime, a report by Matrixport discloses the possibility of Bitcoin reaching $45,000 in 2023 and $125,000 by December 2024.

According to a report by Matrixport, Bitcoin is already in its fifth bull market, and the BTC price is expected to surge significantly over the coming months.

Institutional adoption will propel the next bull market. Matrixport disclosed that the bull market began in June of this year, when the BTC price reached its annual peak.

Bitcoin’s characteristics, which were traditionally associated with assets like Gold and other safe-haven investments such as Treasury bonds, have led institutions to consider Bitcoin for diversifying their asset allocation.”

The price of Bitcoin will reach $45,000 by 2023, according to the analysis. If the BlackRock Bitcoin ETF is approved, according to a previous study by Matrixport, Bitcoin will rise to $42,000.

In addition, a $50 billion cash inflow will cause Bitcoin to rise to $56,000. In addition, Matriport forecasts that Bitcoin’s price will reach $125,000 by December 2024, which is more than six months after Bitcoin’s halving.

When the price was $17,000 in October 2022, it was also the optimal moment to buy the dip. Amid the Bitcoin ETF frenzy, the astronomical trading volumes on the broader cryptocurrency market are indicative of investor and whale purchasing.

While traders and analysts anticipate another purchasing opportunity below $32K, BTC bulls have steadfastly held above the level. Standard Chartered forecasts that the price of Bitcoin will reach $50,000 by the end of this year and surpass $120,000 in the following year.

According to historical data, the CEO of Binance, CZ, also predicted that a Bitcoin price rally would begin several months after the halving.

After a tremendous rally, the BTC price has been trading sideways for the past 24 hours at $34313.

The 24-hour low is $33983, and the 24-hour high is $35133. However, the trading volume has decreased by 20% over the past 24 hours.