📊10x Research: Bitcoin is expected to reach $70,000 in the next two weeks and hit a new high at the end of October
10x Research said in its latest report that since the Fed's September rate cut, Bitcoin has risen by 5%, Ethereum has risen by 11%, and altcoins have also ushered in explosive growth.
As stablecoin minting accelerates, Chinese OTC brokers report billions of dollars in inflows, and the cryptocurrency market is flooded with liquidity, indicating possible further gains. Bitcoin has broken through $65,000 and is expected to rise to $70,000 quickly and may hit a new all-time high in the short term.
After the July FOMC meeting, the Federal Reserve postponed its decision to cut interest rates, and stablecoin issuance surged, with nearly $10 billion in stablecoins flowing into the market. The increase in inflows of Circle and USDC indicates an increase in allocations by large market participants, and DeFi activities have also increased. So far this year, stablecoin inflows have reached $35 billion, with a total value of $160 billion.
However, after the FOMC meeting last week, Bitcoin's dominance weakened, Ethereum's gas fees soared, and altcoin activity surged. Altcoins could gain more momentum if the Fed continues to cut rates. Retail cryptocurrency trading activity in South Korea also supports this trend, with daily trading volume currently around $2 billion.
Currently, the market focus is on Bitcoin's recent breakout above $65,000, with a target of $70,000 in the next two weeks and an expected record high by the end of October. A rebound in the fourth quarter is highly likely, and the gains may have already begun.
💼 Viewpoint:
Historical experience tells us that when market sentiment is too optimistic, risks are often hidden. Currently, despite ample liquidity and strong capital inflows, market volatility and uncertainty remain. Therefore, while pursuing high returns, investors should not ignore risk management.
The cryptocurrency market is known for its high volatility, and rapid price increases are often accompanied by the risk of a pullback. Therefore, investors should do adequate research before entering the market, develop a reasonable investment plan, and consider diversifying their investments to reduce risks.
👇What do you think of the current cryptocurrency market trend? What is your investment strategy when the market is bullish?
