🚀 Bitcoin FOMO Is Back: $70K Target in Sight

A $10 billion surge in stablecoin minting over the past few weeks has poured liquidity into the crypto markets, pushing Bitcoin out of its downtrend, according to 10X Research's Markus Thielen. With Bitcoin now breaking above $65,000, Thielen’s analysis suggests a swift move toward $70,000, and potentially new all-time highs. Following the Fed's rate pause in July and its mid-September rate cut, $10 billion in stablecoins were minted, significantly surpassing spot ETF flows. Circle’s USDC made up 40% of these inflows, indicating a possible rise in DeFi activity, unlike the typical capital-preservation association with Tether (USDT). This flood of liquidity is a key factor in Bitcoin’s upward momentum.

Thielen also highlighted that 55% of Bitcoin’s mining currently comes from Chinese mining pools. With China’s fiscal stimulus measures post-Fed rate cut, there could be large capital outflows from China into cryptos, further driving the market’s liquidity and boosting Bitcoin prices. With Bitcoin reaching $66,300, Thielen predicts an exceptionally high chance of a major Q4 rally, with gains likely to be front-loaded. The current bullish sentiment and influx of liquidity suggest that FOMO (fear of missing out) is creeping back into the market, potentially fueling a surge past $70,000.

As Bitcoin inches closer to its 2023 highs, the question is: Are you holding enough to ride this new wave?
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