10x Research founder Markus Thielen forecasts that Bitcoin’s price will exceed $70,000 within the next two weeks and reach a new all-time high of over $73,000 by the end of October. He identifies factors supporting this rally, including increased stablecoin liquidity and recent monetary policy easing in China.
Bitcoin Price Forecasts and Trends
Thielen emphasizes that Bitcoin’s recent surge above $65,000 signals an exit from a downturn, and he predicts the upward momentum will continue. His charts suggest that Bitcoin’s price could rise as high as $75,000.
China’s Contribution to BTC Rally
Thielen discusses China’s historical role in Bitcoin mining and how recent incentive measures could bolster the Bitcoin price rally. Mining pools, which contributed 55% of the Bitcoin exported from China, previously held a 90% trading share in 2014.
Threats to Bitcoin’s Dominance
Thielen notes a recent weakening in Bitcoin’s market dominance. The Federal Reserve’s rate cuts have led to increased Ethereum gas fees, posing a potential threat to Bitcoin’s dominance.
Thielen predicts that if the Federal Reserve remains open to interest rate cuts by the end of the year, this trend could continue. Currently, Bitcoin trades around $65,500, and stablecoin minting has significantly increased since July, with Circle contributing 40% to recent liquidity inflows. Thielen also adds that if Donald Trump is re-elected, pressure on the Federal Reserve to lower interest rates could extend the Bitcoin rally into the first half of 2025, potentially creating a favorable environment for Bitcoin and other cryptocurrencies due to increased global liquidity.
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