Matrixport: The target of Bitcoin reaching $70,000 by the end of the year may be too conservative

ChainCatcher news, Matrixport released a report stating that in early February 2024, Matrix on Target predicts that the price of Bitcoin will reach $70,000 by the end of the year, when the price of Bitcoin was around $42,000. Although some consider this prediction conservative, it already represents a significant increase of +65% based on the price at that time. As of now, the price of Bitcoin fluctuates below $70,000, indicating that overcoming this psychological barrier still poses challenges, but the overall prediction is roughly accurate.

We believe that Bitcoin is likely to break through the $70,000 mark, and developments in the U.S. political landscape will influence market sentiment. If Trump is re-elected as president in 2025, it is expected that his support for business and skepticism towards the Federal Reserve's policies will create a favorable environment for Bitcoin. Although Trump has previously criticized cryptocurrencies, his policy direction will benefit the market development of Bitcoin. During his previous term, he promoted economic growth through deregulation and tax policies, which are favorable trends for Bitcoin and the cryptocurrency market.

Therefore, while our predicted closing price of $70,000 by the end of the year is accurate, it may be too conservative. Last week, we noticed that investors had not yet begun to position themselves in preparation for a Trump victory. Subsequently, Bitcoin experienced a significant increase of 8%. As the probability of a Trump victory rapidly rises, it is increasingly likely that we will see a stronger return of Bitcoin.