Matrixport: Bitcoin price expected to rise to $56,000 by year-end

Crypto service provider Matrixport predicts that the price of Bitcoin is expected to rise to $56,000 by the end of this year. Markus Thielen, head of research and strategy at Matrixport, said in a note to clients on Thursday: “If Bitcoin rises at least 100% by this point in the year, there is a 71% chance that Bitcoin will rise by the end of the year. The average gain at the end of the year is 65%. Since Bitcoin prices tend to peak on December 18, we can call the six to seven weeks from early November to mid-December Bitcoin’s Santa Claus Rally.” Thielen pointed out that based on historical data analysis, when Bitcoin rises by at least 50% by the end of October, on average, Bitcoin has a 78% chance of further rising by the end of the year. By the end of the year, Bitcoin had gained an average of 68% in seven of its nine previous rallies. (CoinDesk)