Marcus Thielen, the chief researcher at Matrixport, has expressed confidence in Bitcoin’s potential to reach $45,000 by year-end. This prediction has caused a stir in the cryptocurrency market, with investors eagerly watching to see if Bitcoin can reach this milestone. Chinese blogger and cryptocurrency journalist Colin Wu shared the news, stating that Thielen considers this target to be “quite achievable.”
Read on to understand Thielen’s reasoning and the potential implications for the market.
Reasoning Behind Optimistic Prediction of Bitcoin Hitting $45,000 by Year-End
Markus Thielen, a key executive at Matrixport, recently shared his views on the current state of the BTC market in a LinkedIn post. He believes that Bitcoin’s current price is right where it should be, based on the “CPI/FOMC road map” that his company suggested at the beginning of February. Furthermore, he expects Bitcoin’s upward trajectory to continue, with the price potentially reaching $45,000 by the end of the year.
In light of this, he suggests that buying Bitcoin at a “fair value” of $27,000-$27,500 would make sense. Thielen also believes that with U.S. 10-year bonds trading below the 3.5% level, inflation could provide significant tailwinds for risk assets, including Bitcoin.
Price of bitcoin rises past $28,000
The market intelligence platform, Santiment, recently pointed out in a tweet that despite the recent decline, the proportion of social media discussions around BTC is still significantly higher than the typical level.
BTC typically receives high social media ratings during times of market optimism or anxiety; this is the case right now. Santiment noted that the price may soon rise once more.
The current Bitcoin price is at $29,838, with a total market capitalization at $577,567,452,450.
Do you think Bitcoin will actually reach the estimated $45,000 before the end of the year? Be sure to conduct your own research before making any market investments.
The post appeared first on Coinpedia
