10x Research analyst Markus Thielen believes that Bitcoin can rise to $70,000 in 2024

BestChange
2 min readFeb 6, 2024

10x Research analyst Markus Thielen admitted that the price of the main cryptocurrency may rise to $70,000 by the end of this year. The prerequisite for this may be the macroeconomic environment, monetary policy, the course of the American presidential election and investments of financial market players in Bitcoin ETFs.

“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,” the analyst wrote.

In addition, he pointed to the coincidence of American presidential election cycles with BTC halving periods, which pushed up the growth of the crypto asset. For example, the price of Bitcoin increased by more than 150% in 2012, exceeded 120% in 2016, and rose 302% in 2020.

Assessing the first month of 2024 for Matrixport, Thielen called January one of the weakest months for BTC. But February has every chance of becoming more successful for Bitcoin investors.

In a new report from Matrixport, experts refer to the seasonal pattern of the previous 10 years, according to which the last month of winter can be called a favorable period for investing in BTC. In 7 out of 10 cases, Bitcoin’s return was around 8%.

“Despite still yielding positive returns, performance during specific months tends to be modest,” Matrixport clarified.

Co-founder of the ENCRY Foundation Roman Nekrasov believes that “the process of profit-taking by investors is nearing completion, which reduces pressure on BTC.” It is likely that in February the crypto market will notice the positive effect expected by all participants from the launch of a Bitcoin ETF.

“Increasing trading volumes in the spot Bitcoin ETF market could also support the cryptocurrency’s transition to growth as instrument issuers continue to repurchase spare coins from the market. There is every reason to believe that in February Bitcoin will be able to return to local highs around $49,000,” the expert concluded.

Do you expect the price of Bitcoin to rise this February?

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