Matrixport: Bitcoin to reach $70,000 target by the end of the year or be too conservative

Matrixport released a report saying that in early February 2024, "Matrix on Target" predicted that the price of Bitcoin would reach $70,000 by the end of the year, when the price of Bitcoin was around $42,000. Although some people consider this prediction conservative, it is already a significant increase of + 65% from the price at that time. As of now, the price of Bitcoin has fluctuated below $70,000, indicating that there are still challenges to overcome to break through this psychological threshold, but the overall forecast is roughly accurate.
We believe that bitcoin is on track to break through the $70,000 mark, and developments in the US political situation will affect market sentiment. If Trump is re-elected as president in 2025, his pro-business and skeptical Federal Reserve policies are expected to provide a good environment for bitcoin. Although Trump has criticized cryptocurrencies, his policy direction will be positive for the development of the bitcoin market. Trump's previous term promoted economic growth through deregulation and tax policies, and these policy trends were favorable to bitcoin and the crypto asset market.
So our $70,000 year-end price forecast, while accurate, may be too conservative. Last week, we noticed that investors had not started to position themselves for a Trump victory. Since then, Bitcoin has rallied sharply by 8%. As the probability of a Trump victory rises sharply, we are increasingly likely to see a stronger return of Bitcoin.