Matrixport: $125,000 by 2024

On Dec. 3, Bitcoin surged from below $39,500 to over $40,000, a 19-month high, according to Coingecko data.

This also marks a new high for Bitcoin so far this year, having risen more than 140% since January 1. However, it is still down about 42% from its all-time high of more than $69,000 on November 10, 2021.

The price of Bitcoin has risen from below $17,000 over the past 12 months. Source: Coingecko

Thielen said the past three cryptocurrency bear markets were followed by a three-year bull cycle, and analysis suggests "this bull market has three more years to go, with 2023 being the first year."

“Historically, years with Bitcoin mining reward halvings are usually bullish,” Thielen explained. Bitcoin is expected to halve again in mid-April 2024, when mining rewards will be reduced by 50%.

“Miners tend to hoard Bitcoin before each halving, with prices rising by more than 200% and Bitcoin expected to reach $125,000,” Thielen said.

The Bitcoin price milestone comes amid speculation that a spot Bitcoin exchange-traded fund (ETF) is about to be approved in the United States.

There are 13 bidders for the US Bitcoin ETF spot – the latest news submitted by Swiss asset management company Pando Asset on November 29.

Bloomberg ETF analysts believe there is a 90% chance that all pending ETF bids will be approved simultaneously on January 10.