The likelihood of a Bitcoin rally in the fourth quarter is “exceptionally high,” with the most significant growth expected at the initial stage, according to Marcus Thielen, founder and CEO of 10x Research.
FOMO is Back: Are You Holding Enough Bitcoin and Altcoins to Ride the Next Wave?
?1-11) Since the Fed’s September rate cut, Bitcoin has gained 5%, while Ethereum has surged 11%, and certain altcoins have seen impressive gains—+54% for ENA, +51% for SEI, and +36% for Shiba Inu.… pic.twitter.com/QK6hExh4lk
— 10x Research (@10x_Research) September 27, 2024
“With Bitcoin surpassing $65,000, we anticipate a swift move to $70,000, followed by new all-time highs in the near future,” the analyst stated.
Thielen noted a sharp increase in stablecoin issuance volume following the July meeting of the Fed. The agency left the key rate unchanged at that time but indicated a potential reduction in September. In the subsequent weeks, nearly $10 billion in “stable coins” were issued.
The expert highlighted that about 40% of the inflow was into USDC, contrary to the usual dominance of USDT. According to Thielen, this may indicate increased activity in DeFi. The rising fees in Ethereum also signal this trend, the expert added.
The parabolic rise of Bitcoin could be bolstered by China’s announced economic stimulus measures amounting to $278 billion. Alongside the Fed’s 50 basis point rate cut in September, this is expected to bring liquidity into the crypto market, the analyst predicts.
Earlier, CryptoQuant identified a signal for further growth of digital gold in the “profitable” coins indicator.