Bitcoin tapped $40,000 on December 3rd, notching a 19-month high. The bellwether cryptocurrency is now up over 140% in 2022 as its bull run shows little sign of slowing.

Matrixport envisions Bitcoin continuing upwards to test $60,000 by April 2024. Their analysis sees miners hoarding coins ahead of the 2024 halving event, helping drive prices to $125,000 by year-end 2024.

Further upside catalysts come as a spot Bitcoin ETF in the US appears increasingly likely. Approval could happen as soon as January, per Bloomberg analysts. The easier investment access from such a product could help propel Bitcoin's price higher.

With Bitcoin in price discovery mode above $40,000, the stage looks set for continued new highs fueled by miner economics and growing institutional demand in 2023.