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

Bitcoin 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, 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 over the last 12 months, which has gone from under $17,000. Source: CoinGecko

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

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

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