Since the Federal Reserve's sharp interest rate cut in mid-September and China's economic stimulus package, Bitcoin's price has seen a strong rise, successfully breaking out of the previous downward trend. As Bitcoin breaks through the $65,000 mark, market sentiment is more optimistic, and 10x Research predicts that its price will quickly rise to $70,000 and may hit a record high in the short term.

Markus Thielen, founder of 10x Research, pointed out that the Federal Reserve's stablecoin minting increased significantly after the July meeting. Although the Federal Reserve announced that it would maintain interest rates unchanged at the time, it clearly hinted that a looser monetary policy might be adopted in September. This expectation has driven activity in the stablecoin market, and in the following weeks, the minting of stablecoins has approached $10 billion, injecting a lot of liquidity into the cryptocurrency market. This figure significantly exceeds the scale of spot ETF inflows, showing the market's strong reaction to the upcoming good news.

Among them, Circle's USDC stablecoin is particularly eye-catching. USDC has recently accounted for 40% of the entire stablecoin inflow, far higher than its usual market share. Markus Thielen believes that the surge in USDC minting may indicate that decentralized finance (DeFi) activity is picking up, which provides additional impetus to the entire cryptocurrency market.

Markus concluded that there is a high probability that the Bitcoin and cryptocurrency markets will see a strong rise in the fourth quarter of 2024, and the current market performance may only be the early stage of this wave of market. He warned that there may be significant price surges in the future, triggering more investors' FOMO (fear of missing out), further pushing the market higher.