Bitcoin To Reach $70K By Year End: Markus Thielen

The macro environment, monetary tailwinds, U.S. election cycle and increasing TradFi demand all point to higher prices.

AccessTimeIconFeb 5, 2024 at 5:28 p.m. UTC
Updated Feb 5, 2024 at 5:30 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Unveiling his 2024 price target, 10X Research's Markus Thielen expects bitcoin (BTC) to rally about 65% from current levels to hit $70,000 by the end of the year.

“Supported by the macro environment, monetary tailwinds, the U.S. election cycle, and gradually increasing demand from TradFi investors allocating to bitcoin ETFs, a bitcoin rally to $70,000 appears plausible,” wrote Thielen in a report on Friday.

As for the sluggish price action so far this year, Thielen notes that even as bitcoin has rallied in 10 of its 13 years of existence, January returns have been more mixed with just seven up years against six down.

One year ago this time, Thielen accurately predicted that bitcoin would nearly double to $45,000 by the end of 2023. Though not exactly getting it right with his January call for the spot ETFs to once again not win approval, Thielen did expect the price to fall back into the mid-high $30,000 area this January.

“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,” said Thielen in his Friday report. He also took note of the U.S. presidential election cycles which coincide with the Bitcoin halving years as historically being bullish for prices. Specifically, bitcoin gained 152% in 2012, 121% in 2016 and 302% in 2020, or an average of 192%.

Bitcoin is currently down 4% year-to-date and trading at $42,700 at press time.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about