Bitcoin BTC/USD may be well on its way to reaching the $45,000 mark by the end of the year, according to Markus Thielen, chief researcher at Matrixport, a crypto-financial service platform.
What Happened: In a LinkedIn post on Wednesday, Thielen said that Bitcoin’s current price position is “exactly where it should be."
He suggests that purchasing Bitcoin at a “fair value” of $27,000 to $27,500 is a wise move, as he expects the apex crypto's upward trend to continue.
Thielen cites inflation as a major factor, as U.S. 10-year bonds are trading below the 3.5% level, indicating that risk assets such as Bitcoin will benefit from inflation’s potential tailwind.
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Why It Matters: This comes as bullish predictions on BTC take a hit. Standard Chartered Bank, for instance, projected earlier this week that Bitcoin may hit $100,000 by 2024.
According to Geoff Kendrick, the bank’s head of digital assets research, several factors could contribute to the increase in Bitcoin’s price, including the recent banking sector turmoil, the stabilization of risk assets due to the conclusion of the US Federal Reserve’s interest rate hike cycle, and the increased profitability of crypto mining.
Price Action: At the time of writing, BTC was trading at $28,996, up 2.30% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed After Arkham Intelligence Denies ‘Buggy’ Mt. Gox Alerts: Analyst Predicts Summer Surge For BTC
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