Bitcoin Price Surge and Future Outlook｜Record High Expected by Late October – 10x Research

The cryptocurrency market is once again drawing attention, with Bitcoin poised to reach new heights by the end of October 2024.

According to 10x Research, a combination of global economic policies, rising stablecoin issuance, and increased individual trading activity are key factors behind this surge.

Will Bitcoin break its previous all-time high, and could FOMO fuel further market gains? Dive into the analysis to explore the future trajectory of Bitcoin and altcoins in the ever-evolving crypto landscape.

Global Economic Trends Boosting Bitcoin

Markus Thielen, CEO of cryptocurrency research firm 10x Research, analyzed in a report released on September 26, 2024, that Bitcoin (BTC) could reach a new all-time high by the end of October.

Thielen highlights several key factors contributing to Bitcoin's price rise:

• A shift in U.S. monetary policy
• Economic stimulus measures in China
• Increase in stablecoin issuance
• Growing trading activity among individual investors in South Korea

Among these, China’s economic moves stand out. Thielen notes that China’s recent interest rate cuts and cash stimulus measures could positively impact the cryptocurrency market.

China’s over-the-counter (OTC) trading saw approximately $120 billion in capital inflows over the past six quarters.

Furthermore, Chinese mining pools currently account for 55% of Bitcoin’s hash rate, underscoring the significant influence of China’s financial policies on the crypto market.

Thielen also points to the rising issuance of the stablecoin USDC as a sign of increased activity in the decentralized finance (DeFi) sector.

He suggests that the 10-year U.S. Treasury yield falling below 4% after the July FOMC (Federal Open Market Committee) meeting has further stimulated DeFi growth.

Investor Sentiment Shift and Future Outlook

As Bitcoin's price movements have stabilized, Thielen believes that institutional investors and other large players are becoming more active, which could drive further capital inflows into the market.

The report’s title, "FOMO is Back. Do You Own Enough Bitcoin and Altcoins to Ride the Next Wave?" highlights the importance of investor sentiment. FOMO, or the "Fear of Missing Out," tends to intensify during periods of price increases, leading to additional market activity.

Thielen predicts that if Bitcoin surpasses $65,000, FOMO could spread to other cryptocurrencies (altcoins), driving further market gains.

Overall, various factors are converging to fuel the excitement in the cryptocurrency market. However, given the volatility of the market, investors are advised to conduct thorough analysis and act with caution.

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