While Bitcoin has remained above $65,000 in recent days, market optimism for further gains has grown. Amid rising predictions for a new all-time high, cryptocurrency firm Matrixport suggests that their original year-end target of $70,000 for Bitcoin may be too conservative.
Matrixport analysts noted that their February 2024 report, which predicted Bitcoin could reach $70,000 by year-end, now appears modest given current market conditions. They highlighted that while their $70,000 target was accurate, a further price surge is likely, driven by Donald Trump’s increasing odds of winning the upcoming U.S. elections and potential market-boosting policies if elected.
“In February 2024, we forecast Bitcoin could hit $70,000 by year-end. At the time, Bitcoin was around $42,000, and though some considered our outlook conservative, it represented a 65% bullish forecast. Now, as Bitcoin nears the $70,000 mark with two months left in 2024, we expect it to surpass this level, fueled by political developments and a potential Trump victory, which could influence market sentiment positively,” analysts stated.
They also pointed out that a Trump presidency in 2025 could have significant implications for sectors like cryptocurrency. “The Trump administration historically favored deregulation to stimulate economic growth. This approach could benefit Bitcoin and the broader crypto market, which often views regulation as a barrier to innovation.”
The analysts further emphasized their successful track record, noting previous predictions that came close to target. “In October 2022, we correctly forecast Bitcoin’s rise to $63,000 by the 2024 halving, missing the mark by less than 1%. Likewise, our 2023 year-end prediction of a rally from $22,500 to $45,000 was off by just under 2%,” they added.