According to cryptocurrency analysts, it is predicted that Bitcoin may break a new historical record in price this year.
Analyst Markus Thielen from 10x Research stated, “With the influence of macroeconomic conditions, monetary policies, the U.S. presidential elections, and increasing demand from traditional investors for Bitcoin ETFs, it appears that Bitcoin could rise to $70,000.”
Thielen had previously predicted a potential increase in Bitcoin’s price to $45,000 by the end of 2023. However, he now suggests that market developments have exceeded expectations and Bitcoin’s price could reach even higher levels.
Additionally, Thielen emphasizes that this year’s presidential elections coincide with Bitcoin’s halving cycle. It has been observed that during the three previous halving periods, Bitcoin has experienced an average increase in value of approximately 192%. Therefore, according to Thielen, this year’s election period could potentially bring about a price increase for Bitcoin.
