Grayscale GBTC outflowed approximately US$108 million on the 17th trading day, lower than US$145 million on the previous trading day. Will Bitcoin rise 65% by the end of the year to US$70,000?

The number of Bitcoin redemptions has shrunk to 3,427 from the peak again. The chart shows that the number of redemptions by Grayscale investors is gradually decreasing, indicating that they are still optimistic about the future trend of Bitcoin.

At the same time, the founder of 10X Research said that Bitcoin will reach $70,000 by the end of the year, an increase of 65%; in addition to the improvement based on the macro aspect. The U.S. election cycle is mildly similar to the Bitcoin halving cycle.

In the election year of 2012, Bitcoin rose by 152%, by 121% in 2016, and by 302% in 2020, with an average increase of 192%. A 65% increase in Bitcoin by the end of 2024 does not seem excessive.

what you think?

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