Bitcoin tops $40K for first time in 19 months, Matrixport tips $125K in 2024

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Bitcoin ( $77,555.00 ) (BTC) has reached the $40,000 level for the first time since April 2022, climbing around 2% in 24 hours.

Bitcoin ( $77,555.00 ) surged from under $39,500 to strike above $40,000 on Dec. 3 to hit a 19-month high, according to CoinGecko data.

It also marks a new year-to-date high for Bitcoin ( $77,555.00 ) , which is up over 140% since Jan. 1. It’s down around 42% from its Nov. 10, 2021, all-time high of over $69,000.

*The price of Bitcoin ( $77,555.00 ) over the last 12 months, which has gone from under $17,000. Source: CoinGecko*

In a Nov. 30 note, Matrixport predicted that Bitcoin ( $77,555.00 ) would hit over $60,000 by April next year and $125,000 by the end of 2024.

“The years when Bitcoin ( $77,555.00 ) mining rewards were halved were generally bullish,” Matrixport explained. Bitcoin ( $77,555.00 ) is expected to again halve — when mining rewards are cut by 50% — in mid-April 2024.

“As miners tended to hoard Bitcoin ( $77,555.00 ) s before each halving, prices increased by +200%, which would project Bitcoin ( $77,555.00 ) reaching $125,000,” Matrixport said.