10x Research: Bitcoin is expected to hit a new all-time high in the short term

According to the latest report released by 10X Research, Bitcoin's strong rise since the Fed's mid-September rate cut and China's stimulus plan has helped it break out of its downward trend. As Bitcoin breaks through $65,000, 10x Research expects it to quickly rise to $70,000 and then hit a record high in the short term. Markus Thielen, founder of 10X Research, said that the amount of stablecoin minting increased sharply after the Fed's July meeting, when the Fed announced at the meeting that it would maintain interest rates unchanged, but hinted that it might relax policies in September. In the following weeks, the amount of stablecoin minting approached $10 billion, injecting liquidity into the cryptocurrency market and significantly exceeding the spot ETF flow. It is particularly noteworthy that Circle's USDC accounts for 40% of the recent stablecoin inflows, which is much higher than normal, as the minting of USDC may indicate an increase in DeFi activity. Markus concluded that the market is very likely to rise strongly in Q4, and it may be in the early stages of the rise. A sharp rise may be coming, triggering more FOMO in the cryptocurrency field. (Coindesk)