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Bitcoin (BTC) has reached the $40,000 degree for the primary time since April 2022, climbing round 2% in 24 hours.
Bitcoin surged from underneath $39,500 to strike above $40,000 on Dec. 3, in keeping with CoinGecko.
It additionally marks a brand new year-to-date excessive for Bitcoin, which is up over 140% since Jan. 1.
In a Nov. 30 note, Matrixport predicted that Bitcoin would hit over $60,000 by April subsequent 12 months and $125,000 by the tip of 2024.
“The years when Bitcoin mining rewards had been halved had been usually bullish,” Matrixport defined. Bitcoin is anticipated to once more halve — when mining rewards are reduce by 50% — in mid-April 2024.
“As miners tended to hoard Bitcoins earlier than every halving, costs elevated by +200%, which might challenge Bitcoin reaching $125,000,” Matrixport mentioned.
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