10X Research analyst Markus Thielen predicts that the price of Bitcoin (BTC) will increase by about 65% and reach $70,000 by the end of 2024. In a report released last Friday, Thielen noted the relatively flat price performance of Bitcoin so far this year. He pointed out that although Bitcoin has seen 10 years of gains in its past 13 years, its performance in January has been generally lackluster, with 7 years of gains and 6 years of declines.
A year ago at this time (when Bitcoin was around $23,000), Markus Thielen accurately predicted that Bitcoin would double to $45,000 by the end of 2023. While his prediction that the spot ETF would be delayed in January was incorrect, Thielen noted that the price did drop to the predicted range of $30,000 in January (actually only falling to $38,500).
Regarding the upcoming market situation, Markus Thielen believes that although the Fed’s first rate cut expectation has been pushed back from March to (possibly) May or June, inflation is decreasing and economic growth remains stable. Additionally, he also noted that the U.S. presidential election cycle coincides with the Bitcoin halving year, which has historically been seen as favorable for prices. In the past three instances, Bitcoin rose by 152% in 2012, 121% in 2016, and 302% in 2020, with an average increase of 192%.
(Original article authorized reprint from GT Radar)
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