Will Bitcoin Price Break Records Again? Analyst Predicts $70K Milestone.

10x Research founder Markus Thielen has predicted that the Bitcoin price would reclaim $70,000 in the next two weeks and break above its current all- time high (ATH) of $73,000 by late October. He also alluded to the surge in stablecoin liquidity and China's recent monetary easing policy as what could fuel this crypto rally.

Bitcoin Price To Reach $70,000 And Then New ATH.

In the latest 10x market update, Thielen predicted that the BTC price would move toward $70,000 in the next two weeks and then reach a new ATH by late October. He highlighted how Bitcoin's recent break above $65,000 has confirmed the breakout from the downtrend and paved the way for this rally to the upside.

Thielen's accompanying chart showed that the Bitcoin price could rise to $75,000 when this projected price rally occurs. The analyst also mentioned the surge in the stablecoin liquidity and China's recent quantitative easing (QE) measures as what could spark this next crypto wave.

Stablecoin minting has increased sharply since July, as issuers like Tether and Circle issued almost $10 billion in the weeks following the July 31 FOMC meeting. Thielen noted that Circle, which typically offers its services to regulated institutions, accounts for 40% of the recent stablecoin inflows, indicating an influx of large market players into the crypto space.

Bitcoin's Dominance Is At Risk.

Although the Bitcoin price is set to continue rallying, Markus Thielen suggested that BTC's dominance is at risk. He noted that the dominance has waned since last week's FOMC meeting when the Fed cut interest rates by 50 basis points (bps). Since then, Ethereum gas fees have spiked thanks to the surge in altcoin activity across the crypto market.

The analyst predicts that this trend will likely continue if the Federal Reserve remains open to cutting rates. The Fed already suggested that there could be two 25 bps rate cuts before this year ends.