TechFlow news, according to CoinDesk, Markus Thielen, founder of 10x Research, expects bitcoin (BTC) to rise approximately 65% from current levels, reaching $70,000 by year-end.
"Bitcoin's rebound toward $70,000 appears possible, supported by the macro environment, favorable monetary policy tailwinds, the U.S. election cycle, and growing demand from traditional finance (TradFi) investors allocating to bitcoin ETFs," Thielen wrote in a report last Friday.
In his Friday report, Thielen noted, "Although the Federal Reserve has delayed its first rate cut until (possibly) May or June, inflation is declining while economic growth remains intact."
Additionally, the U.S. presidential election cycle coincides with the year of bitcoin's halving event, which historically correlates with bullish bitcoin price performance. Specifically, bitcoin rose 152% in 2012, 121% in 2016, and 302% in 2020, averaging a gain of 192%.
