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Chinese cryptocurrency journalist and blogger Colin Wu has shared that Markus Thielen, chief researcher of Matrixport — an all-in-one platform for crypto financial services — believes that reaching the $45,000 level by the end of the year now seems "quite achievable" for Bitcoin.
Here's why Bitcoin may hit $45,000 this year, per Thielen
According to a LinkedIn post published by Markus Thielen, the current position of the BTC price is "exactly where it should be." That assumption was made in accordance with the "CPI/FOMC road map" that was suggested by the company at the start of February.
Now, Thielen expects "the higher path to $45,000 this year to continue" and says that buying BTC at the "fair value" of $27,000-$27,500 would make sense. He stated that since U.S. 10-year bonds are now trading below the 3.5% level, he assumes that inflation will likely create a major tailwind for risk assets, including flagship digital currency Bitcoin.
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
Bitcoin price rebounds above $28,000
On-chain data aggregator Santiment has tweeted that despite the recent pullback, the percentage of social media discussions about BTC is still high above the average level.
According to the tweet, high social media ratings of BTC usually take place when market euphoria or fear happens; the latter is the case now. Santiment added that the price can rebound pretty soon again.
Indeed, just recently, Bitcoin went back above $28,000, rising 5.6% over the past 24 hours in total and hitting the $28,854 level, per data shared by CoinMarketCap.
🫣 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
Tomiwabold Olajide
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