The fifth bull market has officially begun — Matrixport
26.10.2023
The fifth bull market has officially begun — Matrixport

The first bull market in 2011 emerged due to the adoption of Bitcoin as a new payment mechanism. The second was provoked by China when digital gold received recognition as an alternative form of money. The third cycle was marked by the growth of ICOs as a new means of creating and financing companies. The fourth was characterized by the "DeFi summer," followed by a sweeping enthusiasm for the issuance of NFTs.

The fifth bull market of digital gold officially began on June 22, 2023, and by December 2024, the quotations may reach $125,000. This conclusion was reached by Matrixport analysts.

Experts associated the start of the new growing trend with the update of the annual maximum (June 22, 2023).

According to their calculations, after this signal was triggered, the average return on Bitcoin investments was +310%. Based on these figures, analysts estimated that the price could reach $125,000 by December 2024.

They identified the optimal entry point as the period 14-16 months before the halving - in October 2022, when Bitcoin was trading at $17,000. At that time, specialists recommended opening a long-term long position.

As drivers of the assumed growth, experts pointed to the expectations of institutional adoption of the first cryptocurrency and the instability of the US debt to GDP ratio.

According to experts, institutions saw Bitcoin as a "safe-haven asset" similar to gold and US Treasury bonds. They began to consider it for diversifying their investment portfolio.

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