Will Bitcoin reach $70,000 again? Analyst predicts btc new peak
BTC New Peak:- Markus Thielen, the founder of 10X Research, has stirred excitement in the crypto community with his bold prediction that Bitcoin could reach $70,000 in just a few weeks. Thielen believes there’s a real possibility that BTC might even surpass its previous all-time high (ATH) of $73,000 in October. This forecast is generating a wave of optimism in the market, with many traders eager to see how things unfold. He attributes his prediction to several key factors, including an increase in stablecoin liquidity and a shift in China’s monetary policy. These elements, he argues, create a favorable environment for Bitcoin to rally significantly. BTC New Peak 2024.
In a recent market update, Thielen explained that Bitcoin is currently positioned for a move toward $70,000, potentially achieving this milestone within the next two weeks. He pointed to the recent breakout above $65,000 as a crucial moment that confirmed a reversal from the previous downtrend. The charts he shared indicate that Bitcoin could even surge to $75,000 if the expected rally materializes. One of the critical drivers behind this bullish sentiment is the notable rise in stablecoin liquidity. Since July, there has been a marked increase in stablecoin minting, particularly from major players like Tether and Circle, which have issued nearly $10 billion in stablecoins following a significant Federal Open Market Committee (FOMC) meeting. Thielen highlighted that Circle alone accounts for 40% of these recent inflows, signaling substantial interest from institutional investors in the crypto space. BTC New Peak in 2024
China’s changing stance toward Bitcoin also plays a pivotal role in Thielen’s prediction. Historically, China has been a significant player in the Bitcoin market, accounting for a large percentage of global mining and trading activity. Thielen pointed out that 55% of all mined Bitcoin currently comes from Chinese mining pools, while China dominated 90% of BTC trading back in 2014. He noted that previous instances, such as the over-invoicing practices by Chinese exporters, have led to significant capital inflows into Bitcoin, driving its price upward. With the Chinese government recently announcing a $278 billion stimulus plan, Thielen suggests that this could result in substantial capital outflows into the crypto market, further fueling Bitcoin’s price rally. As global liquidity continues to rise, Bitcoin and other cryptocurrencies could see a parabolic increase, attracting even more investors looking to capitalize on this momentum.
BTC New Peak : Another interesting angle that Thielen explored is the potential impact of Donald Trump’s political future on Bitcoin’s trajectory. He speculated that if Trump were to be re-elected, he might push for aggressive economic stimulus measures, which could lead the Federal Reserve to lower interest rates significantly by the first half of 2025. Arthur Hayes, a well-known figure in the crypto community, has echoed similar sentiments, discussing how Bitcoin might benefit from what he terms a “volatility supercycle.” This refers to the monetary easing policies that various governments, including the U.S., have adopted. Hayes anticipates that as fiat currencies flood into the market, a substantial portion of that capital will find its way into Bitcoin and the broader crypto ecosystem.
While the prospects for Bitcoin appear promising, Thielen also raised concerns about its dominance in the market. He pointed out that Bitcoin’s market share has been declining since the recent FOMC meeting, where the Fed cut interest rates by 50 basis points. This shift has led to increased activity in altcoins, with Ethereum gas fees spiking as a result. If the Federal Reserve continues its dovish approach, Thielen believes this trend could persist, making it harder for Bitcoin to maintain its dominance. The prospect of further rate cuts, potentially two 25 basis point reductions before the end of the year, adds another layer of uncertainty to Bitcoin’s position in the market.
BTC New Peak; As of now, Bitcoin’s price hovers around $65,500, reflecting a slight decline in the last 24 hours. Trading volume has also dipped over 33%, with approximately $26.3 billion traded during this period. Despite these fluctuations, the upcoming U.S. job data release is expected to play a significant role in shaping Bitcoin’s performance in October. Historically, October has been a strong month for crypto, and many traders are hopeful that this year will continue that trend. With various factors at play, including stablecoin liquidity, geopolitical shifts, and potential regulatory changes, the crypto market remains highly dynamic, and all eyes are on Bitcoin as it attempts to reclaim its previous highs. BTC New Peak in this year.
