As a seasoned crypto investor with a keen eye for market trends and a knack for spotting opportunities, I find Thielen’s prediction of Bitcoin reaching $70,000 and beyond intriguing. My personal journey in this space has taught me that the crypto market can be as unpredictable as a roller coaster ride, but the signs are often there if you know where to look.
10x Research’s founder, Markus Thielen, anticipates that Bitcoin‘s price will surpass $70,000 within the next fortnight and exceed its previous record high of $73,000 by late October. He attributes this potential cryptocurrency surge to the rising stability in liquidity among digital coins and China’s recent loosening of monetary policies.
Bitcoin Price To Reach $70,000 And Then New ATH
As a crypto investor, I’m excited about Thielen’s latest market update predicting that Bitcoin (BTC) could surge toward $70,000 in the upcoming two weeks. He emphasized that Bitcoin’s recent break above $65,000 signifies a significant shift from the downtrend and opens up opportunities for this bullish momentum to continue, potentially reaching a new all-time high (ATH) by late October.
Thielen’s chart suggests that Bitcoin’s price might soar up to $75,000 during a predicted price surge. The analyst pointed out two potential triggers for this next cryptocurrency boom: an increase in stablecoin liquidity and the recent quantitative easing (QE) actions taken by China. This prediction is consistent with CoinGape’s report suggesting that Bitcoin could hit $80,000 in October.
Since the Federal Open Market Committee (FOMC) meeting on July 31, there has been a significant surge in the creation of stablecoins. Notably, major issuers like Tether and Circle have collectively issued close to $10 billion in the subsequent weeks. This observation was made by Thielen, who pointed out that Circle, a platform usually catering to regulated institutions, is responsible for about 40% of the recent inflows into stablecoins. This suggests that large market players are increasingly entering the cryptocurrency sector.
How China Will Contribute To The BTC Rally
In the meantime, Thielen pointed out that China’s past with Bitcoin and recent economic stimulus could potentially boost Bitcoin prices. It is estimated that about half of all mined Bitcoins originate from Chinese mining pools, while China accounted for 90% of global BTC trading as far back as 2014. Moreover, he suggested that Chinese exporters employed over-invoicing to channel billions into Bitcoin in 2013, leading to a significant price surge at that time.
As a researcher studying this topic, I anticipate that the proposed stimulus measures may spur substantial capital exodus from China towards the crypto market. Additionally, according to my findings, the $278 billion Chinese stimulus package could potentially spark a parabolic surge for Bitcoin and other cryptocurrencies, considering the increasing global liquidity.
It’s worth noting that the founder of 10x Research suggested a possible significant contribution of Donald Trump to the ongoing Bitcoin rally up until next year. He posited that if Trump is re-elected, he might strive to boost the U.S. economy excessively, which could lead the Federal Reserve to lower interest rates as early as the first half of 2025.
Arthur Hayes anticipates that Bitcoin could thrive during the ‘volatility cycle,’ a term referring to the monetary policy adjustments made by global governments, such as the U.S. This cycle involves increased money printing by these governments. He believes this newly minted fiat currency will likely flow into Bitcoin and the broader cryptocurrency market.
Bitcoin’s Dominance Is At Risk
Despite the fact that Bitcoin’s price is predicted to keep rising, Markus Thielen warns that its dominance might be threatened. He pointed out that its dominance has decreased since the FOMC meeting last week when the Fed reduced interest rates by 0.5%. Since then, Ethereum transaction fees have increased due to the increase in altcoin activity across the cryptocurrency market.
According to the analyst, it’s expected that this pattern may persist as long as the Federal Reserve is open to reducing interest rates. In fact, the Fed has hinted at potential reductions of a quarter point in two instances before the end of this year.
Currently, as I’m typing this, the Bitcoin price hovers approximately at $65,500, marking a decrease over the past 24 hours. Moreover, the trading volume has dropped significantly, with more than 33% reduction, equating to roughly $26.3 billion worth of transactions during that period.
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2024-09-28 13:28