10x Research CEO: Bitcoin to Hit $70,000 by Year's End

10x Research CEO Markus Thielen has unveiled his 2024 price target for Bitcoin, which he expects to rise about 65 per cent from current levels to reach $70,000 by the end of the year. "A rally in Bitcoin to $70,000 seems possible, supported by the macro environment, monetary policy tailwinds, the U.S. election cycle, and a gradual increase in demand for allocations to Bitcoin ETFs from TradFi investors," Thielen wrote in a report. He also noted that the U.S. presidential election cycle coincides with Bitcoin's halving year, and historical data shows bullishness. Specifically, Bitcoin rose 152 per cent in 2012, 121 per cent in 2016 and 302 per cent in 2020, for an average gain of 192 per cent.