Bitcoin Price Set to Reclaim $70,000 and Reach New All-Time High, Predicts 10x Research Founder
Markus Thielen, founder of 10x Research, has made a bold prediction, forecasting that Bitcoin will reclaim the $70,000 mark within the next two weeks and surpass its current all-time high (ATH) of $73,000 by the end of October. He attributes this anticipated surge to a combination of rising stablecoin liquidity and China’s recent monetary easing policies, which could fuel a fresh rally in the cryptocurrency market.
Bitcoin’s Path to a New ATH
In a recent market update, Thielen emphasized that Bitcoin’s recent breakthrough above $65,000 has solidified a key breakout from its downtrend, setting the stage for an upward rally. He expects the Bitcoin price to hit $70,000 in the near term and potentially rise as high as $75,000 as the rally gains momentum.
Thielen’s analysis aligns with reports from CoinGape, which similarly suggest Bitcoin could climb as high as $80,000 in October. A key driver behind this potential surge, according to Thielen, is the sharp increase in stablecoin liquidity—particularly from major issuers like Tether and Circle, which have injected nearly $10 billion into the market since the July 31 FOMC meeting. Notably, Circle’s involvement, representing 40% of recent stablecoin inflows, points to an influx of institutional players into the crypto space.
China’s Role in the Bitcoin Rally
Thielen also highlighted China’s influence on the upcoming Bitcoin rally, pointing to the country’s history with Bitcoin and recent monetary stimulus measures. Currently, 55% of all mined Bitcoin originates from Chinese mining pools, and back in 2014, China accounted for 90% of global BTC trading. Thielen suggested that China’s exporters, using over-invoicing, funneled significant capital into Bitcoin in 2013, triggering a large rally.
With China’s latest $278 billion stimulus plan, Thielen anticipates that capital outflows from the country could once again find their way into the cryptocurrency market, sparking another wave of buying pressure. He believes this influx of liquidity, combined with global quantitative easing (QE), could result in a parabolic rise for Bitcoin and other cryptocurrencies.
Impact of US Monetary Policy and Potential Trump Re-Election
Looking further ahead, Thielen hinted that former US President Donald Trump could play a role in extending the crypto rally into 2025. If re-elected, Trump may seek to overstimulate the US economy, putting pressure on the Federal Reserve to reduce interest rates. Thielen foresees potential rate cuts by the first half of 2025, which could fuel further gains for Bitcoin.
Arthur Hayes, another prominent crypto figure, has similarly predicted that Bitcoin could benefit from a “volatility supercycle,” driven by the ongoing monetary easing policies of various governments. According to Hayes, excess fiat currency from these policies will likely flow into Bitcoin and the broader crypto market, driving prices higher.
Bitcoin’s Dominance in Question
Despite the bullish outlook, Thielen also cautioned that Bitcoin’s dominance in the crypto market could be at risk. Following the latest FOMC meeting, where the Federal Reserve cut interest rates by 50 basis points (bps), Bitcoin’s dominance has weakened. Meanwhile, Ethereum gas fees have surged due to increased altcoin activity.
Thielen suggested that this trend may continue if the Fed proceeds with additional rate cuts, which it has already hinted could include two more 25 bps reductions by year’s end.
As of the time of writing, Bitcoin is trading around $65,500, reflecting a decline over the last 24 hours, with trading volume down by over 33% to $26.3 billion.
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