10x Research: Bitcoin is expected to reach a historic high in the short term

The latest report released by 10X Research shows that since the Federal Reserve's interest rate cut in mid-September and China's stimulus plan, Bitcoin's strong rise has pulled it out of a downward trend. As Bitcoin breaks through $65,000, 10X Research predicts it will quickly rise to $70,000 and then set new historical highs in the short term.

Markus Thielen, founder of 10X Research, said that after the Fed meeting in July, stablecoin minting volume increased sharply. At that time, the Fed announced at the meeting to keep interest rates unchanged but hinted at possible policy easing in September. In subsequent weeks, stablecoin minting volume approached $10 billion dollars injecting liquidity into cryptocurrency markets and significantly exceeding spot ETF flows. Notably Circle’s USDC accounted for nearly 40% of recent stablecoin inflows which is much higher than normal levels as USDC minting may indicate an increase in DeFi activity.

In conclusion Markus stated there is a very high possibility for a strong market surge during Q4; we might be currently witnessing early stages of this uptrend with significant increases potentially on their way leading to more FOMO within cryptocurrency space.