Markus Thielen, the founder of 10x Research, has made a bold forecast that Bitcoin’s price could potentially surge to $70,000 within the next two weeks and surpass its current all-time high of $73,000 by the end of October. He attributed the possible rise in the crypto market to the increased liquidity of stablecoins and China’s recent monetary easing policy.
According to Thielen’s insights shared in a recent 10x market update, Bitcoin’s breakthrough above $65,000 signals a bullish momentum, setting the stage for a potentially exhilarating climb towards $70,000 and beyond. His analysis, accompanied by a chart projecting a rise to $75,000, also underscores the impact of stablecoin liquidity surge and China’s QE measures in propelling this anticipated surge.
Thielen further highlighted China’s significant influence on the Bitcoin rally due to its history with the cryptocurrency and recent stimulus initiatives. He emphasized the potential for substantial capital outflows from China into the crypto market, especially considering the country’s dominance in Bitcoin mining pools. Additionally, he hinted at the possible role of Donald Trump, if re-elected, in stimulating the US economy which could influence the broader crypto landscape.
Arthur Hayes, in a similar vein, predicted that Bitcoin stands to benefit from a ‘volatility supercycle,’ emphasizing the impact of global monetary policies on the flow of fiat into cryptocurrencies.
While Bitcoin’s price continues its upward trajectory, Thielen cautioned that its dominance in the market is under threat. He pointed out a decreasing dominance level post-FOMC meeting and anticipated a further decline if the Federal Reserve maintains a stance on potential rate cuts.
As the Bitcoin price currently hovers around $65,500, showing a slight decline in the last 24 hours, the trading volume has also dipped by more than 33%, with transactions amounting to $26.3 billion within this timeframe.