Bitcoin to Reach $45,000 by the End of the Year, According to Crypto Expert
This week has been extremely volatile for Bitcoin as the cryptocurrency is making wide swings from $27,000 to $30,000.
Colin Wu, a blogger and cryptocurrency journalist from China, has reported that Markus Thielen, the chief researcher of Matrixport, believes that Bitcoin may reach $45,000 by the end of the year.
Thielen explained that according to the “CPI/FOMC road map” suggested by the company in February, the current position of the BTC price is “exactly where it should be.”
Matrixport chief researcher Markus Thielen predicted that the price of Bitcoin may reach around $45,000 by the end of this year, saying that "as the US 10yr bond yield has started to trade below 3.50%, we can assume that inflation will be a big tailwind for risk assets – notably…
— Wu Blockchain (@WuBlockchain) April 26, 2023
He also expects the higher path to continue and suggested buying BTC at the fair value of $27,000-$27,500.
Thielen believes inflation will likely create a major tailwind for risk assets, including Bitcoin.
READ MORE: Bitcoin: Technical Indicators Suggest Price Could Be Mimicking 2015 Cycle
Meanwhile, Santiment, an on-chain data aggregator, tweeted that despite the recent pullback, the percentage of social media discussions about BTC is still above average, indicating market euphoria or fear.
🫣 With #Bitcoin continuing to stay relatively flat while #altcoins fall, the percentage of discussions revolving around $BTC remain well above average. Generally, high social dominance for Bitcoin happens during market euphoria or (in this case) fear. Prices can rebound quickly pic.twitter.com/6Ewub6en1h
— Santiment (@santimentfeed) April 25, 2023
Bitcoin has recently risen by 5.6% over the past 24 hours, reaching $28,854.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
