Current market trends and upcoming global events can potentially spike the market price of Bitcoin to $100,000 by January 2025, predicts crypto research firm 10X Research.
The 10X Research prediction for the $100,000 Bitcoin (BTC) price target is based on its model that recently triggered two buy signals, the most recent being on Oct. 14. According to the 10X Research, its prediction model has a good track record of 86.66% accuracy based on last 15 signals.
The researchers explained their reasoning for the optimistic Bitcoin prediction:
“When Bitcoin sets a new six-month high for the first time in 6 months like it did recently, we typically see a median return of 40% over the next 3 months.”
Considering the above calculations, a 40% jump from the current market price of $73,000 will push BTC to over $101,000 by Jan. 27, 2025.
Bitcoin buy signal. Source: 10X Research
Another factor supporting the theory is the “Bitcoin black hole effect,” implying that the growing Bitcoin dominance is pulling the value away from altcoins.
Institutional investors to support Bitcoin bull run
In addition, institutional investors such as BlackRock have started perceiving BTC as a long-term stable asset or digital gold. The 10X Research report stated:
“Gold has always been seen as a safe haven asset, so if Bitcoin is the new digital gold, it makes sense that institutions would be interested.”
The spot Bitcoin exchange-traded funds (ETF) market brought in $4.1 billion worth of BTC in October alone. Moreover, the general crypto investor also sees value in holding BTC for the long term.
Spot Bitcoin ETF monthly flows. Source: 10X Research
The substantial investments into BTC have parallelly shot up the stock prices of Bitcoin mining companies — a correlation previously predicted by 10X Research.
Ethereum could perform short-term
10X Research also predicted that Donald Trump would win the 2024 United States presidential election, which could positively impact the crypto market.
Upcoming reporting rules will allow companies to report their Bitcoin holdings in current market prices and will encourage more businesses to include crypto in their portfolios.
In contrast, 10X Research provided a bearish outlook for Ether (ETH) owing to lower yields over the last two years.
As a result, the report was optimistic about short-term rallies for Ether but remained skeptical about its long-term prospects unless any innovation helped change the stagnant trajectory.
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