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Bitcoin continues to rise to the top and this is an opportunity to achieve high profits, but with good analysis and a plan.
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Bitcoin Chasing $70,000...Is the Currency for Buying?!
Investing.com - Bitcoin (BTC) has made significant gains since the Federal Reserve's interest rate cut in mid-September and China's subsequent stimulus plans, according to a new research report.
The latest analysis by Marcus Thielen of 10X Research is titled âThe Fear of Missing Out Is Back: Do You Own Enough Bitcoin and Altcoins to Ride the New Wave?â in which he notes that âWith Bitcoin breaking the $65,000 barrier, we expect a rapid move towards $70,000, followed by new all-time highs in the near future.â
Thielen pointed to a sharp increase in stablecoin issuance after the Federal Reserveâs July meeting, where it left interest rates unchanged while signaling the possibility of monetary policy easing in September. Thielen added that nearly $10 billion in stablecoins were issued in the weeks that followed, flooding markets with liquidity and sharply outpacing spot ETF inflows.
Of particular interest, according to Thielen, is that Circleâs USDC accounted for 40% of recent stablecoin flows, a much higher percentage than Tetherâs USDT, which he sees as an indicator of greater activity in decentralized finance (DeFi).
Thielen also noted that 55% of Bitcoin currently mined comes from Chinese mining pools, adding that the massive stimulus measures announced by China â following the Federal Reserveâs interest rate cut â could lead to significant capital inflows from China into cryptocurrencies.
âWe are very likely to see a rally in Q4, with gains that could initially be strong,â Thielen concluded. âThere could be a significant rally on the horizon, which will further fuel fear of missing out across the crypto space.â
