March 27, 2024
Bitcoin Price Outlook Post Halving
Bitcoin Halving

Bitcoin Price Outlook Post Halving

The approval of BTC ETFs last month didn’t significantly impact the Bitcoin price, which has since been hovering around $43,000 without a clear direction. Nonetheless, market analysts remain optimistic about Bitcoin’s prospects in 2024. Markus Thielen from 10x Research predicts a potential 65% rally in BTC price by the end of the year, potentially reaching $70,000 and challenging previous all-time highs.

Thielen attributes this forecast to several factors such as favorable macroeconomic conditions, monetary policies, the U.S. election cycle, and increasing demand from traditional finance investors entering bitcoin ETFs. Thielen underscores Bitcoin’s historical performance, noting its positive returns in 10 out of 13 years, with January returns showing more variability. Last year, Thielen accurately predicted Bitcoin’s rise to $45,000 by the end of 2023. Despite a failed prediction for spot ETF approvals in January, he anticipated a price retreat to the mid-high $30,000 range.

Thielen’s analysis factors in the Federal Reserve’s rate decisions, inflation rates, and sustained economic growth. He also highlights the correlation between US presidential election cycles and Bitcoin halving years, historically driving bullish sentiment. Notably, Bitcoin experienced substantial gains during these periods, averaging 192%.

Cathie Wood, CEO of ARK Invest, suggests that Bitcoin is increasingly being perceived as a substitute for gold as a store of value. Wood points to instances like Bitcoin’s surge during economic instability, contrasting it with the decline in the regional bank index. She presents a chart comparing Bitcoin’s price to gold, indicating a strong upward trend and implying Bitcoin’s potential to replace gold as a store of value asset over time.

Image by Eivind Pedersen from Pixabay

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