10X Research's Markus Thielen has revealed his price prediction for the year 2024, and he anticipates that the value of bitcoin (BTC) will increase by around 65 percent from its present levels, reaching $70,000 by the end of the year.
"A bitcoin rally to $70,000 appears plausible," stated Thielen in a research that was published on Friday. "Supported by the macro environment, monetary tailwinds, the U.S. election cycle, and gradually increasing demand from TradFi investors allocating to bitcoin ETFs,
Thielen argues that although while bitcoin has climbed in ten of its thirteen years of existence, January returns have been more uneven, with just seven years of gains and six years of losses. This is particularly relevant in light of the lethargic market movement that has occurred so far this year.
It was exactly one year ago that Thielen made the precise prediction that the price of bitcoin will nearly double to $45,000 by the time 2023 came to a close.
Thielen anticipated that the price would drop again into the mid-high $30,000 range this January, despite the fact that he did not quite get it right with his forecast in January for the spot ETFs to once again fail to receive clearance.
As stated by Thielen in his analysis that was released on Friday, "While the Fed has pushed out the first rate cut to (possibly in) May or June, inflation is coming in lower, and growth is holding up."
Additionally, he made a note of the fact that the presidential election cycles in the United States, which correspond with the years in which Bitcoin was halved, have generally been optimistic for prices. For example, bitcoin had a rise of 152% in 2012, 121% in 2016, and 302% in 2020, which is equivalent to an average increase of 192%.
At the time of this publication, the price of bitcoin was $42,700, representing a year-to-date decline of 4%.