While the leading cryptocurrency Bitcoin 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.
While the halving event is seen as an important catalyst for the BTC price, the price is expected to increase as the halving approaches.
At this point, while analysts are making new predictions for the Bitcoin price, 10X Research analyst Markus Thielen, who stated in a recent report that the upward wave has begun, has now announced his 2024 price target.
Thielen stated that he expects Bitcoin to rise approximately 65% from its current level, reaching $70,000 by the end of the year, due to various positive factors.
“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 decreased and economic growth continued, “Even if the FED postponed its decision, inflation decreased, which is positive for BTC and cryptocurrencies. In addition, the US presidential election coincided with the Bitcoin halving years.” “It should not be ignored that cycles historically indicate an increase in prices. Accordingly, Bitcoin increased by 152% in 2012, 121% in 2016 and 302% in 2020, that is, an average of 192% in the election and halving years.” said.
As you may remember, Markus Thielen correctly predicted that Bitcoin would fall after the spot ETF approval.
*This is not investment advice.
