10X Research: Bitcoin Set to Soar to $70,000 by Year-end Driven by Macro Economy, Monetary Policy, and US Election Market Dynamics

10X Research: Bitcoin Set to Soar to $70,000 by Year-end Driven by Macro Economy, Monetary Policy, and US Election Market Dynamics

10X Research: Bitcoin Set to Soar to $70,000 by Year-end Driven by Macro Economy, Monetary Policy, and US Election Market Dynamics

10X Research analyst Markus Thielen predicts that the price of Bitcoin (BTC) will increase by about 65% from its current level to reach $70,000 by the end of 2024. In a report released last Friday, Thielen wrote about the relatively flat price performance of Bitcoin this year. He pointed out that although Bitcoin has experienced 10 years of gains in the past 13 years, its performance in January has generally been lackluster, with 7 years of gains and 6 years of declines.

At this time last year (when Bitcoin was around $23,000), Markus Thielen accurately predicted that Bitcoin would double to $45,000 by the end of 2023. Although his prediction of a spot ETF approval in January was incorrect, Thielen noted that his prediction of the price retracing to the $30,000 range in January was somewhat realized (it actually only retraced to $38,500).

Regarding the upcoming market situation, Markus Thielen believes that although the Fed’s first interest rate cut expectation has been pushed back from March to (possibly) May or June, inflation is decreasing and economic growth remains stable. He also noted that the Bitcoin halving coincides with the U.S. presidential election cycle, which has historically been seen as favorable for prices. In the past three instances, Bitcoin saw a 152% increase in 2012, a 121% increase in 2016, and a 302% increase in 2020, with an average increase of 192%.

(This article is authorized and reprinted from GT Radar)

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