The post Will Bitcoin Price Break Records Again? Analyst Predicts $70K Milestone appeared on BitcoinEthereumNews.com.

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. This aligns with the CoinGape report on how BTC could reach $80,000 in October. 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. How China Will Contribute To The BTC Rally Meanwhile, Thielen highlighted how China’s history with Bitcoin and the country’s recent stimulus measures could contribute to the Bitcoin price rally. 55% of currently mined Bitcoin is said to come from Chinese mining pools, while the country dominated 90% of global BTC trading back in 2014. He also claimed Chinese exporters used over-invoicing to funnel billions into BTC in 2013, which…

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Filed under: News - @ September 28, 2024 10:26 am