10X Research: $44K is a critical Bitcoin resistance zone, first-quarter target is $50K, aiming for $70K by the end of the year.

Markus Thielen from 10X Research has published the latest Bitcoin price target, with $44K as the current resistance level. The target for the first quarter is $50,000, and by the end of the year, it is expected to reach $70,000.

Bitcoin First Quarter Target $50,000, $44K is the Pressure Zone

Bitcoin seems to have been consolidating within a range this year. According to the report, although Bitcoin has been on the rise for 10 out of the 13 years of its existence, the return rate in January is more complicated, with only 7 years seeing an increase and 6 years showing a downward trend.

Bitcoin rebounded to slightly below the short-term resistance level of 42,800 points indicated by the trend channel from November to January. The 43,000-44,000 range is a resistance area, but Thielen expects Bitcoin to break through and recover above the $50,000 mark by the end of this quarter.

Bitcoin 2024 Annual Target $70,000

According to a report by CoinDesk, Markus Thielen believes that with the macro environment, easing monetary policy, upcoming rate cut cycles, the U.S. presidential election cycle, and the increasing demand from traditional financial investors for Bitcoin ETF allocations, it seems possible for Bitcoin to rebound to $70,000.

Although the Fed may have postponed the first rate cut to May or June, inflation is on the decline, and economic growth is being maintained. Moreover, the U.S. presidential election cycle coincides with the Bitcoin halving year, which historically has shown an upward trend:

• 152% increase in 2012
• 121% increase in 2016
• 302% increase in 2020

The average increase in these three instances is 192%.

Is the $70,000 Target Too Conservative?

Currently, various institutions have made the following Bitcoin price predictions:

• Mike McGlone from Bloomberg: $100,000 by 2026
• Gautam Chhugani from Bernstein: $150,000 by 2025
• BitQuant: $80,000 - $250,000 by the end of 2024
• ARK Invest: $600,000 - $1,500,000 by 2030

CoinGecko's institutional market forecast states that the consensus average price after Bitcoin halving is $87,000.

Given this, is Markus Thielen's $70,000 target price too conservative? Thielen explains:

Although higher target prices can be considered based on data analysis, $70,000 is the most realistic target because a broader bull market theme has not yet been seen.