The analyst predicts that the Bitcoin price will surpass $70,000, and notes that China's monetary policy and stablecoin liquidity will play a major role in this.

Markus Thielen, founder of 10x Research, predicts that Bitcoin will surpass its current price of $65,385 to reach $70,000 in the next two weeks and surpass its all-time high of $73,000 by the end of October. Thielen said that this cryptocurrency rally will be supported by the increase in stablecoin liquidity and China’s loose monetary policy. China’s history of Bitcoin mining and the impact of recent stimulus measures on the price increase are also important.

Threats to Bitcoin’s Dominance$BTC

Thielen stated that Bitcoin’s market dominance has weakened and that Ethereum’s gas fees have increased as the Fed has lowered interest rates; emphasizing that this situation threatens Bitcoin’s dominance.

“China’s $278 billion stimulus plan could trigger a parabolic rally for BTC and other cryptocurrencies,” Thielen said. He predicts this trend could continue if the Fed remains open to rate cuts through the end of the year. Bitcoin is currently trading at around $65,500. It was also noted that stablecoin minting has increased significantly since July, contributing 40% of Circle’s liquidity inflows.

Thielen added that if Donald Trump is re-elected, the Fed’s pressure to lower interest rates could extend the Bitcoin rally into the first half of 2025. This, along with an increase in global liquidity, could create a positive environment for Bitcoin and other cryptocurrencies.