Bitcoin may hit a record high in the fourth quarter, mainly driven by several factors. The current price of Bitcoin is $63,663, up 8% in the past week. The 10x Research report mentioned that the three major catalysts that may break through $73,000 in the future include:
The US presidential election on November 5 may bring positive market sentiment. FTX creditors will distribute $16 billion from December 2024 to March 2025, which may trigger a return of funds in the crypto market. MicroStrategy raised funds to buy more Bitcoin, which is expected to increase demand.
In addition, the US dollar index continued to fall, which is usually accompanied by a rise in Bitcoin. Although the current exchange Bitcoin inflow is sluggish, it shows that the market's confidence in its ability to maintain above $60,000 is increasing. However, the increase in leverage may indicate future volatility risks.
