The post Analysts Who Correctly Predicted Bitcoin March ATH Forecasts What Happens Next appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. 10xResearch analysts who had correctly predicted the Bitcoin price run-up to a new all-time high earlier in the year have turned bullish once again. In a recent report by 10xResearch Head of Research, Markus Thielen, the analysts point out a number of factors that have seen the BTC price turn bullish. Just like before, this is a development that could lead to a run-up to a new all-time high for the Bitcoin price, something that could mark the beginning of another bull market. Fed’s Rate Cut Triggers Bitcoin Uprising Following the Federal Reserve’s decision to cut interest rates by 0.5 bps earlier in the month, the Bitcoin price has been on a positive uptrend. It rose from trending around $53,000 to rising above $66,000 in a matter of weeks. However, the uptrend may be far from done as the analysts see further upside. Related Reading In the report, the 10xResearch analysts point to the rise in stablecoin minting and billions in inflows from Chinese over-the-counter brokers as reasons why the rally could continue. Since the Fed rate cuts, approximately $10 billion in new stablecoins have been minted. Naturally, this is positive for the Bitcoin market as it means new inflow is coming in. The report explains that year-to-date stablecoin inflows have now topped $35 billion. Another positive development with this is the rise in the decentralized finance (DeFi) activity across the space. There has been increased fee revenue, signaling more participation. “While activity has slowed in September, activity and fees could rebound following the Fed’s recent rate cut,” the report read. Source: 10xResearch The analysts believe that the Bitcoin price is now targeting new all-time highs after breaking the downtrend that has plagued it for months. “With Bitcoin breaking above $65,000, we anticipate…

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Filed under: News - @ September 28, 2024 3:17 pm