Leading cryptocurrency Bitcoin While it continues to consolidate in a narrow range, the focus of investors and the market has turned to the halving event, which is expected to take place in April.
Because the halving event BTC While it is seen as an important catalyst for its price, the price is expected to increase as the halving approaches.
At this point, while analysts are making new predictions for the Bitcoin price, they stated in a recent report that the upward wave has begun. 10X Research analyst Markus Thielen has now announced his 2024 price target.
Thielen sees Bitcoin rising nearly 65% from its current level by the end of the year due to various positive factors. He stated that he expects it to reach $70,000.
“Supported by the macro environment, monetary headwinds, the US election cycle, ever-increasing demand from TradFi investors allocating to Bitcoin ETFs, and the upcoming halving event, it seems plausible that Bitcoin could rise to $70,000 by the end of 2024.”
Finally, Thielen referred to the fact that although the FED postponed its first interest rate cut decision to May or June, inflation has fallen and economic growth continues. “Even though the FED postponed its decision, inflation is decreasing, which is positive for BTC and cryptocurrencies. Additionally, it should not be ignored that US presidential election cycles that coincide with Bitcoin halving years have historically signaled an increase in prices. Accordingly, Bitcoin increased by 152% in 2012, 121% in 2016, and 302% in 2020, which is the year of the election and halving, that is, an average of 192%.” said.
As you may remember, Markus Thielen correctly predicted that Bitcoin would fall after the spot ETF approval.
*This is not investment advice.
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