Analyst Forecasts Bitcoin Price Soaring to $70K, Smashing Previous Records

Markus Thielen, the founder of 10x Research, has forecasted that Bitcoin’s price will climb back to $70,000 within the next two weeks and surpass its current all-time high of $73,000 by late October. He pointed out that the increase in stablecoin liquidity and China’s recent monetary easing policy could serve as catalysts for this cryptocurrency rally.

In the most recent market update from 10x, Thielen anticipated that Bitcoin would progress towards $70,000 in the coming weeks before hitting a new all-time high by late October. He emphasized that Bitcoin’s recent breakout above $65,000 signaled a shift from the downtrend, setting the stage for an upward surge.

Thielen’s analysis suggested that Bitcoin’s price might reach $75,000 during this projected rally. Additionally, he highlighted the surge in stablecoin liquidity and China’s easing measures as potential drivers for the upcoming crypto wave. This aligns with reports from CoinGape projecting that Bitcoin could reach $80,000 in October.

The significant uptick in stablecoin minting since July, particularly by issuers like Tether and Circle issuing nearly $10 billion post-July 31 FOMC meeting, was also noted by Thielen. He pointed out that Circle’s role, catering mostly to regulated institutions and accounting for 40% of recent stablecoin inflows, indicated the increased involvement of major market players in the cryptocurrency sector.

Regarding China’s influence on the Bitcoin rally, Thielen highlighted the country’s past involvement with Bitcoin, including its dominance in mining pools and trading volumes. He suggested that China’s recent stimulus measures could lead to substantial capital outflows into the crypto market, potentially igniting a parabolic rally for Bitcoin and other digital assets amidst the rise in global liquidity.

Furthermore, Thielen mentioned the possibility of President Donald Trump impacting the Bitcoin rally if re-elected, speculating that his administration might strive to overstimulate the US economy, prompting the Federal Reserve to consider interest rate cuts by the first half of 2025.

Drawing parallels, Arthur Hayes also forecasted that Bitcoin would benefit from the ‘volatility supercycle,’ driven by the expansive monetary policies of governments worldwide. He anticipated that the fiat currency injected by these governments would flow into Bitcoin and the broader cryptocurrency market.

While Bitcoin’s price is expected to continue its upward trajectory, Thielen warned that the coin’s dominance could be at risk due to recent market developments following the FOMC rate cuts. Ethereum gas fees spiked as altcoin activity surged across the cryptocurrency market, indicating a potential threat to Bitcoin’s market share.

As of the latest update, Bitcoin’s price stood around $65,500, experiencing a slight decrease in the last 24 hours, alongside a decline in trading volume by over 33%, with $26.3 billion traded during that period.