Bitcoin Poised to Surpass $70,000 Amid Political Changes, Says Matrixport

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%.