Share this article
Bitcoin To Reach $70K By Year End: Markus Thielen
The macro environment, monetary tailwinds, U.S. election cycle and increasing TradFi demand all point to higher prices.
Updated Mar 8, 2024, 9:02 p.m. Published Feb 5, 2024, 5:28 p.m.
Unveiling his 2024 price target, 10X Research's Markus Thielen expects bitcoin to rally about 65% from current levels to hit $70,000 by the end of the year.
“Supported by the macro environment, monetary tailwinds, the U.S. election cycle, and gradually increasing demand from TradFi investors allocating to bitcoin ETFs, a bitcoin rally to $70,000 appears plausible,” wrote Thielen in a report on Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As for the sluggish price action so far this year, Thielen notes that even as bitcoin has rallied in 10 of its 13 years of existence, January returns have been more mixed with just seven up years against six down.
One year ago this time, Thielen accurately predicted that bitcoin would nearly double to $45,000 by the end of 2023. Though not exactly getting it right with his January call for the spot ETFs to once again not win approval, Thielen did expect the price to fall back into the mid-high $30,000 area this January.
“While the Fed has pushed out the first rate cut to (possibly in) May or June, inflation is coming in lower, and growth is holding up,” said Thielen in his Friday report. He also took note of the U.S. presidential election cycles which coincide with the Bitcoin halving years as historically being bullish for prices. Specifically, bitcoin gained 152% in 2012, 121% in 2016 and 302% in 2020, or an average of 192%.
Bitcoin is currently down 4% year-to-date and trading at $42,700 at press time.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Long-Term Holders Hit Cyclical Low as Sell Pressure Finally Eases
Long-term holder supply bottomed when bitcoin sank to $80K, signaling that the wave of spot-driven selling may be nearing exhaustion as prices rebound to $90K.
What to know:
- Long-term holder supply fell to 14.33M BTC in November, its lowest level since March, coinciding with bitcoin’s $80K correction low.
- The rebound to $90K suggests the bulk of spot-driven selling from seasoned holders has passed after a 36% peak-to-trough decline.
- Unlike prior cycles, LTH behavior in 2025 shows more measured distribution rather than blow-off-top capitulation, signaling a shift in market structure.
Top Stories
