Key Points
- Analyst Markus Thielen predicts the price of Bitcoin could reach $70,000 by the end of the year.
- He believes a rally will begin after the Bitcoin halving in 2024.
- Thielen highlights a connection between US presidential election cycles and Bitcoin halving years, which have typically resulted in a boost for Bitcoin’s price.
Analyst Markus Thielen has made a notable prediction regarding Bitcoin’s price. He speculates that the cryptocurrency could reach $70,000 by the end of the year. This is a significant increase, considering the current market trends.
In addition to this prediction, Thielen also forecasts a rally starting after the Bitcoin halving in 2024. Halving events, which reduce the reward for mining Bitcoin and thus decrease its supply, have historically led to price surges.
Link Between Election Cycles and Bitcoin Halving
Thielen draws an interesting correlation between US presidential election cycles and Bitcoin halving years. He implies that these events tend to coincide with bullish periods for Bitcoin’s price.
These periods of increased value are often linked to a decrease in supply of Bitcoin following halving events. Thielen suggests that this correlation could be a significant driving factor for Bitcoin’s price in the coming years.
Seemingly, these predictions offer a positive outlook for Bitcoin investors. However, as with any financial prediction, it’s essential to consider the inherent risks and uncertainty in the cryptocurrency market.