PANews reported on October 18 that Matrixport released a new report stating that in early February 2024, the "Matrix on Target" forecast predicted that the Bitcoin price at the end of the year would reach $70,000, when the Bitcoin price was around $42,000 at the time. Although some believe this forecast is conservative, given the price at the time, this already represents a significant increase of +65%. As of now, the Bitcoin price has been fluctuating below $70,000, indicating that overcoming this psychological barrier still faces challenges, but the overall forecast is largely accurate.
The report believes that Bitcoin is expected to break through the $70,000 mark, and the development of the US political situation will affect market sentiment. If former President Trump is re-elected in 2025, his policies supporting business and skepticism of the Federal Reserve are expected to provide a favorable environment for Bitcoin. Although Trump has criticized cryptocurrencies, his policy direction will be beneficial to the market development of Bitcoin. Trump's previous term drove economic growth through deregulation and tax policies, and these policy trends are favorable for the Bitcoin and cryptocurrency market.
Therefore, the report's forecast of a $70,000 year-end closing price, although accurate, may have been too conservative. Last week, Matrixport noticed that investors had not yet started to position themselves for a Trump victory. Subsequently, Bitcoin experienced an 8% sharp increase. As the probability of a Trump victory rapidly rises, we are increasingly likely to see a stronger comeback for Bitcoin.
