đ Bitcoin's Steady Surge Above $65K Fuels Market Optimism đ
In recent days, Bitcoin has successfully maintained a price above $65,000, sparking increased expectations for further market gains.
As new all-time high (ATH) predictions for BTC surface, cryptocurrency firm Matrixport hinted that their initial year-end target of $70,000 may now seem overly conservative.
đ Analysts Reflect: In their February 2024 report, Matrixport predicted Bitcoin could hit $70,000 by year-end. While that forecast was accurate, they now believe it's a modest estimate given Bitcoinâs current levels.
đ Political Influence: Matrixport analysts highlight that Bitcoin could see a major price surge, driven by Donald Trumpâs increasing chances of winning the US elections next month and his potential pro-growth policies if elected.
Key Quote:
"Back in early February, with Bitcoin around $42,000, we projected a $70,000 target by year-end, reflecting a 65% bullish outlook. As we enter the final stretch of 2024, BTC is trading just below that target, but we expect it to break past $70,000 soonâespecially as US political shifts, including a possible Trump victory, could positively impact market sentiment." đșđž
Matrixport analysts also noted that Trumpâs return to the presidency in 2025 could have a significant impact on the economy, especially in sectors like crypto. âHistorically, the Trump administration favored deregulation to promote economic growth. This could be a game-changer for Bitcoin and the broader cryptocurrency market, which often sees regulation as stifling innovation.â
đŻ Proven Track Record:
Matrixportâs earlier predictions have been spot-on. In October 2022, they accurately forecasted Bitcoinâs rise to $63,000 before the 2024 halving, missing the mark by less than 1%. Their 2023 year-end prediction of Bitcoin jumping from $22,500 to $45,000 (+100%) was also impressively accurate, falling short by less than 2%. đŻâš #BTCâ #Bitcoinâ #Cryptocurrencies #BinanceSquareFamily #btcupdates2024
