10x Research: Bitcoin is expected to hit a new high, and a sharp rise is coming

By: blockbeats|2024/10/22 14:16:06

BlockBeats news, September 28, according to the latest report released by 10X Research, since the Fed's mid-September rate cut and China's stimulus plan, Bitcoin's strong rise has made it out of the downward trend. With Bitcoin breaking through $65,000, 10x Research expects it to quickly rise to $70,000 and then hit a record high in the short term.

Markus Thielen, founder of 10X Research, said that the amount of stablecoin minting increased sharply after the Fed's July meeting, when the Fed announced at the meeting that it would maintain interest rates unchanged, but hinted that it might relax policies in September. In the following weeks, the amount of stablecoin minting approached $10 billion, injecting liquidity into the cryptocurrency market and significantly exceeding the spot ETF flow. It is particularly noteworthy that Circle's USDC accounts for 40% of the recent stablecoin inflows, which is much higher than normal, as the minting of USDC may indicate an increase in DeFi activity.

Markus concluded that the market is very likely to rise strongly in Q4, and it may be in the early stages of the rise. A sharp rise may be coming, which will trigger more FOMO in the cryptocurrency field.

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