While Bitcoin has managed to stay above $65,000 in recent days, expectations of a rise in the market have also increased.
At this point, while new ATH predictions for BTC are coming, cryptocurrency company Matrixport stated that the $70,000 price target for Bitcoin by the end of the year may be too modest.
Analysts said their February 2024 report predicting Bitcoin could reach $70,000 by the end of the year was too modest compared to current levels.
Matrixport analysts noted that their $70,000 prediction was successful, but the $70,000 estimate may be too conservative, as the BTC price is likely to see a big increase due to Donald Trump’s increasing probability of winning the US elections next month and his positive adjustments if elected.
“In early February 2024, we predicted that Bitcoin could reach $70,000 by the end of the year.
At the time, Bitcoin was trading around $42,000 (and while some may see our outlook as conservative), this reflected a 65% bullish forecast.
As we approach the final two months of 2024, Bitcoin is currently trading just below the $70,000 target.
We predict that Bitcoin could break the $70,000 barrier as political developments in the US and a possible Trump victory could affect market sentiment.”
Analysts noted that Donald Trump’s return to the US presidency in 2025 could have significant consequences for various sectors of the economy, including cryptocurrencies such as Bitcoin. “Historically, the Trump administration has been known for its attempts to remove regulations that promote economic growth by loosening government controls on various industries. This stance could bode well for Bitcoin and the broader cryptocurrency market, which often sees regulation as a constraint on innovation and growth.”
The analysts added that their previous predictions had come true successfully, adding that “this forecast follows two previous successful forecasts. In October 2022, we correctly predicted that Bitcoin would rise to $63,000 by the 2024 halving, and Bitcoin closed less than 1% short of this target. Similarly, our 2023 year-end forecast predicted a rally from $22,500 to $45,000 (+100%), and the actual outcome was missed by less than 2%.”
*This is not investment advice.