Bitcoin's recent stability above $65,000 has fueled optimism for further market gains.
With talk of new all-time highs, Matrixport analysts now believe their earlier $70,000 year-end target may be too conservative.
In February 2024, when Bitcoin was trading around $42,000, Matrixport forecasted a 65% rise to $70,000 by the end of the year.
As Bitcoin currently approaches this level with two months left, the firm suggests it could surpass the target, citing potential shifts in market sentiment driven by the upcoming U.S. elections and the possibility of a Trump victory.
Analysts noted that if Trump wins and returns to the presidency in 2025, his administration’s likely focus on deregulation could benefit Bitcoin and the broader crypto market, which often views regulatory constraints as limiting growth.
Matrixport also highlighted its past accurate forecasts: in October 2022, it projected Bitcoin would hit $63,000 by the 2024 halving, coming within 1% of this goal, and its 2023 prediction of a 100% increase to $45,000 was nearly spot on, missing by less than 2%.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.
Bitcoin has reached a critical milestone in its programmed supply timeline—only 5.25% of the total BTC that will ever exist remains to be mined.
Strategy the company formerly known as MicroStrategy, has announced the pricing of a new $2.47 billion capital raise through its initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).