10x Research CEO Predicts Bitcoin to Reach New All-Time Highs Through End of October

Markus Thielen of 10X Research, a cryptocurrency research firm
In a report published on the 26th, the CEO stated his view that Bitcoin (BTC) could reach a new all-time high by the end of October.
After the US Federal Reserve Board (FRB) decided to significantly cut interest rates, Bitcoin rose 5%, and some altcoins also saw a large increase in price.
With the amount of BullCoin being increased, liquidity is growing, and Chinese OTC brokers are reporting increased inflows, there is room for the price to rise further.
Thielen's report is titled "FOMO is Back: Do You Own Enough Bitcoin & Altcoins to Ride the Next Wave?"
According to the report, the significant increase in issuance of the stablecoin USDC suggests that DeFi (decentralized finance) activity is on the rise.
They also analyze that the fact that the interest rate on 10-year U.S. Treasury bonds fell below 4% after the Federal Open Market Committee (FOMC) meeting in July also boosted DeFi.
Other reasons for being bullish on the cryptocurrency market include the increase in trading by individual investors in South Korea, led by Shiba Inu Token (SHIB), and the actual
He also pointed out that the current volatility has decreased, making it easier for institutional investors to take large positions. In addition, he said that the cryptocurrency market is likely to rise in the fourth quarter of 2024 (October to December).
With Bitcoin exceeding $65,000 (approximately 9.23 million yen), more investors are feeling FOMO in the altcoin market, which could lead to a further rise in the price.
He said that this could create FOMO. He cited many developments in China. China has recently been drastically lowering its base interest rate, implementing monetary easing measures, and providing cash to its citizens.
The government has introduced economic stimulus measures, attracting investor attention. Although China officially bans cryptocurrency trading, Thielen said China's monetary policy is also contributing to the rise in cryptocurrency prices.
He pointed out that there is a possibility that the aforementioned Chinese OTC transactions have seen a total inflow of about $120 billion (about 17 trillion yen) in the past six quarters.
The inflow of funds this year is said to be led by wealthy individuals and corporations. In addition, Chinese mining pools still account for 55% of the Bitcoin hash rate.
For this reason, the recently announced monetary policy could encourage Chinese funds to move into virtual currencies.