10X Research predicted Bitcoin’s near $70,000 move

The likelihood of a Bitcoin rally in the fourth quarter of the year is “extremely high,” with the most significant gains coming early. This forecast was given by the founder and CEO of 10x Research, Markus Thielen.

FOMO Is Back: Are You Holding Enough Bitcoin and Altcoins to Ride the Next Wave?

👇1-11) Since the Fed rate cut in September, Bitcoin has gained 5%, while Ethereum has increased 11%, and some altcoins have seen significant gains – +54% for ENA, +51 % for SEI, and +36% for Shiba Inu.… pic.twitter.com/QK6hExh4lk

– 10x Research (@10x_Research) September 27, 2024

“With Bitcoin surpassing $65,000, we expect a quick move towards $70,000, followed by new all-time highs in the near future,” the analyst said.

Thielen drew attention to the sharp increase in the number of stalls produced after the July meeting A deer. The department then left the prime rate unchanged, but indicated that it was likely to decrease in September. In the following weeks, nearly $10 billion worth of “stable coins” were issued.

The expert noted that around 40% of the inflow came from USDC, against the usual dominance of USDT. According to Thielen, this could indicate more activity in DeFi. The same trend is marked by an increase in fees in Ethereum, the expert said.

Bitcoin’s parabolic growth could be enabled by the massive economic stimulus measures announced in China totaling $278 billion as of September decrease rate Fed at 50 bps this will cause inflows into the crypto market, the analyst predicts.

Let’s remember, in CryptoQuant was found a sign of further growth in digital gold in terms of “profitable” coins.

Find an error in the text? Select it and press CTRL + ENTER