Matrixport Predicts Bitcoin to Hit $70,000 by Year-End as Trump Chances Rise
Matrixport's Bitcoin price predictions have been remarkably accurate, with deviations of just 1% and 2% from reality. The cryptocurrency's recent growth has been partly fuelled by the increasing likelihood of a Donald Trump victory in the U.S. presidential election. Matrixport analysts now predict Bitcoin could hit $70,000 by the end of the year, a target they admit may be conservative.
Matrixport's track record in predicting Bitcoin's price is impressive. In October 2022 and at the end of 2023, their predictions deviated by only 1% and 2% respectively. The analysts attribute Bitcoin's recent growth partly to the increasing likelihood of a Trump victory in the U.S. election.
Looking ahead, Matrixport predicts Bitcoin could reach $70,000 by the end of the year. They initially expected this to happen through a 65% growth by 2025, but the price is nearing this level faster than anticipated. The analysts now consider their February prediction of Bitcoin reaching $70,000 by the end of the year to be 'too conservative'.
Matrixport's October 2024 report suggests that a Trump victory could act as an additional catalyst for Bitcoin growth. His crypto-friendly policies, implemented after his November 2024 win, have shown positive effects on Bitcoin. The potential return of Trump to the presidency in 2025 could have a significant impact on the cryptocurrency market, including Bitcoin.
Matrixport's accurate Bitcoin price predictions and the cryptocurrency's recent growth suggest a bullish outlook. While the analysts predict Bitcoin could hit $70,000 by the end of the year, they acknowledge this target may be conservative. The upcoming U.S. presidential elections and potential policy changes could further influence Bitcoin's price. Meanwhile, BlackRock CEO Larry Fink believes Bitcoin will continue to grow regardless of the election outcome.
