"Supported by the macro environment, monetary tailwinds, the U.S. election cycle, and gradually increasing demand from TradFi investors allocating to bitcoin ETFs, a bitcoin rally to $70,000 appears plausible," wrote Thielen in a report on Friday.
One year ago this time, Thielen accurately predicted that bitcoin would nearly double to $45,000 by the end of 2023. Though not exactly getting it right with his January call for the spot ETFs to once again not win approval, Thielen did expect the price to fall back into the mid-high $30,000 area this January.
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