Bitcoin is trending close to the $35,000 level, sparking a widespread rally in the crypto market, and a new report suggests the possibility of further gains for this important crypto asset. Digital asset trading company Matrixport, founded by Bitmain co-founder Wu Jihan, believes that the current bull market actually started in June this year, when Bitcoin hit a fresh new yearly high. Historically, this signal has consistently signaled the beginning of significant gains, with the average return being more than 310%. 📈

According to Matrixport, it is possible for Bitcoin to reach $125,000 next year by December 2024. Matrixport, which predicted that October would be a strong month for Bitcoin, has made a pretty accurate prediction so far. The crypto asset rose more than 25% from trading around $27,000 at the beginning of the month to its press time price of $34,000. Bitcoin reached a 17-month high, reaching $35,000 on October 24. However, Matrixport's target suggests it could reach $45,000 by the end of the year, indicating an increase of about 33% from the current level. 💹

Matrixport noted that the latest Bitcoin bull market was largely fueled by expectations of institutional adoption. "Bitcoin's characteristics have led institutions to consider diversifying their asset allocations with assets traditionally associated with safe-haven investments such as gold and treasuries. It is no coincidence that Bitcoin is rising at a time when the US debt-to-GDP ratio is reaching unsustainable levels."