Friday, April 12, 2024

Bitcoin to Hit $70K Target by 2024, Says Crypto Analyst Markus Thielen

As the world of cryptocurrency strides headlong into 2024, a bold prediction has emerged at the helm. 

Markus Thielen of 10X Research expects Bitcoin to escalate by a substantial 65% from its current prices, hitting the gleaming heights of $70,000 before the year folds.

This forecast rides on a robust amalgamation of the macro environment, monetary tailwinds, the US election cycle, and inflationary trends. 

It also takes into account a rising demand from traditional finance (TradFi) investors who have been increasingly allocating to Bitcoin ETFs.

Crypto Analyst
Credit: DepositPhotos

Unsteady Pathways To Steady Progress

From experience, the cryptocurrency totem pole, Bitcoin, has had its highs and lows. Despite rallying in 10 of its 13 years of existence, January returns have often been an unpredictable mixture. 

Yet, Thielen’s track record holds promise. Almost this time last year, he anticipated Bitcoin to nearly double to $45,000 by 2023’s close. 

Though his prediction for spot ETFs to not win approval in January did not materialize, his price expectancy fell in line, factoring in the mid-high $30,000 valley this January.

Macro Factors Giving Wings To Bitcoin

In a report released on Friday, Thielen put forth his intricate analysis. “The Federal Reserve’s decision to postpone the first rate cut to possibly May or June, lower inflation, and steady growth are factors playing into this projection,” he reported. 

Historical patterns around bitcoin and US presidential elections also contribute. The last three election cycles brought significant Bitcoin gains-152% (2012), 121% (2016), and 302% (2020). On an average, this equates to a stellar 192% rise.

bitcoin price market trading
Credit: DepositPhotos

Balancing Sky-high Predictions With Ground Realities

In the cryptoworld, assertion alone is not enough. As of now, Bitcoin is down 4% year-to-date, trading at just north of $42,700. Only time will reveal if these optimistic forecasts hold. 

Yet, the broader consensus within the industry leans toward increased acceptance and integration of Bitcoin and other cryptocurrencies into the global financial framework.

This encouraging prediction of $70,000 by the year-end, as stated by Thielen doesn’t merely represent a target. It’s a testament to Bitcoin’s resilience, showing promise in an environment where skepticism counters optimism. 

The ever-volatile cryptocurrency market will continue to oscillate, yet the underlying bullish trend for Bitcoin remains intact.

In the end, the key takeaway for investors might not be the exactitude of Thielen’s or any single prediction, but rather the evident upward trend and the solidifying status of Bitcoin as a viable investment and an increasingly mainstream asset class.

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