Bitcoin eyes $70,000 as it experiences renewed momentum, fueled by global economic shifts, China’s stimulus initiatives, and stablecoin liquidity.
Bitcoin is witnessing an uptrend to end the stagnant spells that saw the lead crypto suffer several price corrections. Positive sentiment among investors has revitalized the crypto market buzz, with analysts indicating that the surge could lift Bitcoin beyond the limits that initially appeared out of reach in 2024.
Behind the scenes, the cryptocurrency market is on the rise, propelled by powerful forces that could send Bitcoin’s surge to new heights. The crypto rally appears set to break out of the recent downturn, with Bitcoin leading the surge with the $70,000 milestone within sight, per 10x Research report.
The analysts acknowledge the upside momentum behind BTC surges past $65,000. The upward movement in BTC prices emerges from improved economic shifts, including the federal reserve rate cut and China’s stimulus measures.
The 10X Research report attributes the recent price surge as deriving thrust from the influx of stablecoin liquidity.
Moreover, the 10X report attributes the price rally to the broad global recovery. The sudden shift triggers positive sentiment among crypto investors.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
The 10X Research notes their immediate attention rests on Bitcoin’s recent breakout to surpass $65,000. The analysts call for the $70,000 target by mid-October, anticipating the uptrend setting peak levels by late October.
The change witnessed in the tide emerges as Changpeng Zhao is freed from the US Federal prison. The former chief executive of Binance was released on this week, a significant development that propelled Binance Coin (BNB) past the $600.
Stablecoins Flood to Inject Liquidity
The 10X Report shows stablecoins nearly hit $10 billion following the Federal Reserve’s move to postpone the rate cut on July 31.
The liquidity injection had a meaningful impact since the stablecoins constitute fundamental assets that digital asset traders and investors utilize in shifting their positions to other cryptos like Bitcoin.
With the total value exceeding $160 billion for stablecoins, the most significant inflows are attributed to the Circle’s USD Coin (USDC). The USDC is attracting institutional investors.
Bitcoin Surge Following Chinese Stimulus
The 10X Research report spotlights the impact of China’s stimulus measures as a catalyst for the BTC price trajectory. It mirrors China’s role in fueling the 2014 BTC rally.
The report added that China’s $278 billion stimulus plan to revitalize the economy could ignite the parabolic rally in crypto prices,, further optimizing global liquidity.
The 10X Research disclosures that Chinese crypto brokers have realized over $40 billion in inflows by mid-2024. An estimated 55% of the volume arose from transactions exceeding $1 million.
The report indicates that while the crypto market witnessed a widespread rally, the BTC volatility is notably subdued. The 10X Research shows that the 30-day realized volatility of 41% is below the five-year average.
The lower volatility makes Bitcoin attractive to institutional traders who typically adhere to strict risk management. Such are bound to embrace bigger positions that leave the likelihood of a Q4 rally exceptionally high.
The report predicts that Bitcoin could visit the $70,000 level within weeks and potentially propel it beyond that milestone. Leading crypto trader Skew considers Bitcoin slated for good performance by holding key support levels following the slight withdrawal after the two-month highs.
Skew observed that the Bitcoin price is up against the ask liquidity, though passive selling surfaced around $65,800 on the crypto exchange Binance.
Skew notes that trading activity shows the possibility of a shift from the ask to bid depth within the spot order books. Such is bound to occur as the market withstands the strong momentum above $65,000.
The crypto trader considers the momentum is evident with ask liquidity from the $65,000 sustained by more passive buyer inflow into the market.
Filbfilb, behind the DecenTrader trading suite, cites the long-to-short BTC positions to exist in a very low ratio as a potential sign of looming bullish price action. He echoes the bullish prediction by 10X Research, expecting the buying pressure to increase.
Unlock 24/7 trading possibilities with Finance Phantom Bot, your tireless crypto trading companion.
Disclaimer: aCryptoFinance.com specializes in crafting premium content tailored for businesses in the cryptocurrency sector. We have been instrumental in elevating the brand presence of a multitude of companies. Our clientele consistently expresses satisfaction with our offerings. For inquiries, feel free to reach out to us. Given the volatile nature of cryptocurrencies and digital tokens, we encourage potential investors to undertake comprehensive research prior to making investment choices. It’s important to note that some content featured on our platform is contributed by guest writers or is sponsored, and as such, does not necessarily represent the perspectives of aCryptoFinance. We disclaim liability for the content’s accuracy, quality, advertising, products, or any other elements displayed on the website.
