Boosted by global loose monetary policies, Bitcoin is experiencing a new wave of growth. A recent report from 10X Research predicts that, influenced by the Federal Reserve's rate cuts and China's large-scale quantitative easing policies, Bitcoin prices are likely to break through $70,000 and set new highs by the end of October.
Over the past month, the price of Bitcoin (BTC) has increased by more than 10% and is now stable above $65,000, up over 30% from the previous local low of $49,000. This strong momentum has significantly boosted market confidence, with analysts optimistic about its long-term development prospects.
Bitcoin's current market price is higher than the average realized value over the past year, indicating growing confidence among long-term investors and suggesting a more permanent uptrend.
The latest report from 10X Research further analyzes Bitcoin's market outlook. The report indicates that Bitcoin has successfully reversed its previous downward trend and is moving towards the $70,000 mark, with expectations to surpass this level within two weeks. As the end of October approaches, the market anticipates Bitcoin will reach new historical highs.
In addition to the Federal Reserve's rate cut cycle, 10X Research also emphasizes that China's loose policies will increase global liquidity, leading to a parabolic price rise in the cryptocurrency market. Previously, Bitcoin had once surged above $73,000 following events like the halving event, Trump's support, and the listing of Bitcoin ETFs. This time, it may be gearing up for another wave of growth.
