Markus Thielen, the founder of 10x Research, has forecasted that Bitcoin’s price will surpass $70,000 within the next two weeks and exceed its current all-time high of $73,000 by the end of October. He pointed to the increase in stablecoin liquidity and recent monetary easing policies in China as potential factors that could drive this upward momentum in the crypto market.
According to Thielen’s analysis in the recent 10x market update, he anticipates BTC to head towards $70,000 in the near term and then reach a new all-time high by late October. This projection comes after Bitcoin broke above $65,000, signaling a breakout from a downtrend and paving the way for further upward movement.
Thielen’s chart suggests that Bitcoin’s price could climb to $75,000 during this anticipated rally. He also highlighted the surge in stablecoin liquidity and China’s quantitative easing measures as catalysts for the upcoming crypto surge, aligning with reports projecting Bitcoin to potentially reach $80,000 in October.
Regarding China’s impact on the Bitcoin rally, Thielen emphasized the country’s historical involvement with Bitcoin, noting that a significant portion of Bitcoin mining and trading activity has originated from China. He suggested that China’s stimulus measures could lead to capital outflows into the crypto market, potentially sparking a parabolic rally for BTC and other cryptocurrencies amidst rising global liquidity.
Moreover, Thielen hinted at the potential influence of US politics on the crypto market, speculating that a re-elected Donald Trump might adopt policies stimulating the economy, which could impact the Federal Reserve’s interest rate decisions in the coming years.
In terms of Bitcoin’s market dominance, Thielen warned that it is facing risks as Ethereum gas fees soared following increased activity in altcoins post the FOMC meeting where the Fed reduced interest rates. He predicted that this trend may persist if the Federal Reserve maintains its stance on rate cuts, with expectations of further reductions before the year ends.
As of the latest data, Bitcoin’s price stands around $65,500, experiencing a decrease in the past 24 hours alongside a decline in trading volume by over 33%, with $26.3 billion traded during the same period.