• Despite taking a breather, bitcoin is very much in its fifth bull market, and the leading narrative is its perceived safe haven properties, crypto investment services firm Matrixport said in a Thursday market update.

  • "The fifth bitcoin bull market appears to be primarily driven by the expectations of institutional adoption," the report said. "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."

  • Matrixport analysts doubled down on their $125,000 price target for 2024 year-end.

  • Bloomberg analyst Jamie Coutts compared bitcoin’s recent price action to the July 2020 breakout from the $10,500 price level, which eventually led to new all-time highs.

  • "Price has cleared a massive supply overhang – the largest in its history," Coutts noted. "Whilst there will be pullbacks, as we saw in Q3 2020, price is confirming the bull market regime.