The 10xResearch analyst who correctly predicted the Bitcoin price The run up to the new record high in January has turned positive once more. Markus Thielen from 10xResearch, Head of Research, has recently published a report that highlights a variety of reasons why the BTC market is now bullish. Like before, it is an event that may lead to the price of BTC rising. run-up to a new all-time high Bitcoin could be the start of a new bull market.
Fed Rate Cuts Trigger Bitcoin Uprising
Then, you can follow the instructions. Federal Reserve’s decision to cut interest rates Bitcoin has seen a rise of 0.5bps in price earlier this month. In a few weeks, it went from a trend of around $53,000 up to above $66,000. Analysts believe that the trend is not over yet.
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Reports are a good way to get a feel for the culture of the country. 10xResearch Experts have noted a rise in the number of terrorist attacks. stablecoin minting Inflows worth billions from Chinese brokers are also cited as a reason why this rally might continue. Around $10 billion of new stablecoins were created after the Fed cut rates. This is a positive sign for the Bitcoin markets, as new money is flowing in. In the report it is stated that stablecoin inflows to date have reached $35 billion.
Decentralized Finance (DeFi), a growing trend in this space, is another positive. Increased fee revenues signal more participation. “While activity has slowed in September, activity and fees could rebound following the Fed’s recent rate cut,” The report was read.
Analysts believe the Bitcoin price will now be heading for new highs, after it has broken the downward trend that plagued the currency for several months. “With Bitcoin breaking above $65,000, we anticipate a swift move toward $70,000, followed by new all-time highs in the near term,” The analyst stated.
Altcoin season is on its way
Bitcoin’s price hasn’t risen as a result of the Fed rate cut. altcoin market has also followed suit. Altcoins have seen a jump of over 20 percent in their market caps this month only, which shows that they are also following Bitcoin’s bullish trend.
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Since the Fed’s announcement, there has been a noticeable decline in BTC dominance. Altcoins may be gaining in popularity. Bitcoin dominance Continues to fall could indicate the beginning of another altcoin season.
“A notable shift occurred following last week’s FOMC meeting: Bitcoin’s dominance has waned, while Ethereum gas fees have spiked, fueled by a surge in altcoin activity across the ecosystem,” The analysts said. “If the Federal Reserve remains open to cutting rates, pursuing high-beta altcoins will likely gather further momentum.”
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
