Analysts at Matrixport have deemed their February forecast of Bitcoin reaching $70,000 by year-end as “too conservative.” The price could surpass this mark amid the U.S. elections.
#MatrixOnTarget Report? — Oct 18: $70,000 Year-End #Bitcoin Target Likely Too Conservative#Matrixport #Crypto #cryptomarket #MarketWatch #CryptoInvestors #BTC pic.twitter.com/n2LZDcsOoW
— Matrixport Official English (the only official X) (@Matrixport_EN) October 18, 2024
The firm highlighted the accuracy of its previous assessments. In October 2022, the company’s experts predicted a rally for the leading cryptocurrency, reaching $63,000 by the halving. The deviation from the target was 1%.
Their forecast of a $45,000 price by the end of 2023 also proved accurate, with a 2% difference from the actual rate.
In early February, analysts set a $70,000 target for Bitcoin by 2025, implying a growth of approximately 65%. As digital gold approached this psychological level by mid-October, Matrixport experts believe their prediction will come true. However, they pointed to a factor that could serve as an additional catalyst for the asset’s rally.
“The potential return of Donald Trump to the U.S. presidency in 2025 could have significant implications for various economic sectors, including cryptocurrencies like Bitcoin,” they suggest.
Trump’s previous presidential term was marked by business-friendly policies, initiatives to deregulate the economy, corporate tax cuts, and skepticism towards the Federal Reserve.
A similar approach, combined with populist rhetoric regarding cryptocurrencies from the Republican leader, could create a favorable environment for digital gold’s growth if re-elected, analysts assert.
They noted that investors similarly assess the cryptocurrency’s prospects under his presidency. The recent price surge is largely linked to Trump’s increasing chances of victory.
Trump’s odds are up 2.5% after Kamala Harris’ Fox News interview.
He now has a 24% lead. pic.twitter.com/7YFOFzwrfu
— Polymarket (@Polymarket) October 17, 2024
“That’s why our $70,000 year-end target for Bitcoin might be too conservative, despite its accuracy,” stated Matrixport.
Democratic candidate Kamala Harris has also promised support for innovative technologies like AI and digital assets.
According to BlackRock CEO Larry Fink, Bitcoin will continue to rise regardless of who occupies the White House.