Analysts at Matrixport have stated that their February prediction of Bitcoin reaching $70,000 by the end of the year now seems “too conservative.” According to them, the price of the leading cryptocurrency could hit this mark due to the upcoming U.S. presidential elections.

#MatrixOnTarget Report📊 – Oct 18: $70,000 Year-End #Bitcoin Target Likely Too Conservative#Matrixport #Crypto #cryptomarket #MarketWatch #CryptoInvestors #BTC pic.twitter.com/n2LZDcsOoW
— Matrixport Official English (the only official X) (@Matrixport_EN) October 18, 2024

The company highlighted the accuracy of their previous predictions. In October 2022, analysts forecasted a Bitcoin rally reaching $63,000 by the time of the halving. The deviation from the target was only 1%. Their forecast for $45,000 by the end of 2023 also turned out to be close to reality, with a difference of just 2%.

In February of this year, Matrixport set $70,000 as the target for Bitcoin by 2025, expecting a 65% growth. However, by mid-October, Bitcoin was nearing this level faster than anticipated. Analysts believe that the result of the U.S. presidential election could serve as an additional catalyst for growth.

“The potential return of Donald Trump to the presidency in 2025 could have a significant impact on various sectors of the economy, including cryptocurrencies like Bitcoin,” said the analysts.

During his first term, Trump was known for his business-friendly stance, efforts to ease regulations, and tax cuts. If he returns to office, his policies could create a favorable environment for Bitcoin.

Trump's odds are up 2.5% after Kamala Harris' Fox News interview.

He now has a 24% lead. pic.twitter.com/7YFOFzwrfu
— Polymarket (@Polymarket) October 17, 2024

The analysts also noted that Bitcoin’s recent growth has been partly driven by the increasing likelihood of Trump’s victory.

“Therefore, our $70,000 target by the end of the year could turn out to be too conservative, despite the accuracy of the forecast,” the company emphasized.

It’s worth noting that Democratic candidate Kamala Harris also supports innovative technologies such as AI and digital assets. However, according to Larry Fink, CEO of BlackRock, Bitcoin will continue to grow regardless of the outcome of the U.S. election.