Bitcoin to Potentially Hit $70,000 by 2024, Predicts 10X Research Analyst
Markus Thielen of 10X Research forecasts a 65% rise in Bitcoin value, reaching up to $70,000 by the end of 2024, driven by macroeconomic factors and the US election cycle.
February 5, 2024
Bitcoin's Bullish Forecast
According to 10X Research's expert Markus Thielen, Bitcoin (BTC) is on the cusp of a significant rally. Thielen projects a 65% surge in Bitcoin's value, possibly reaching $70,000 by the year's end. This optimistic prediction is grounded in an analysis of various macroeconomic factors, the upcoming US election cycle, and an uptick in interest from traditional finance (TradFi) investors towards Bitcoin ETFs.
Price Movements and Historical Trends
Despite Bitcoin's stellar performance over the years, with rallies in 10 out of its 13 years, January's returns are inconsistent. Thielen's forecast highlights such fluctuations but also notes the past successes of Bitcoin during US presidential election years, suggesting a trend that may bode well for future value gains.
Current State and Expectations
Despite a muted start to the year, where Bitcoin is down 4% and trading around $42,700, Thielen's analysis remains steadfastly bullish. Factors like inflation rates, economic growth, and Federal Reserve policies are anticipated to favor Bitcoin's ascent in the coming months. His previous predictions have shown a degree of accuracy, reinforcing the credibility of his current outlook.
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