Bitcoin Could Sail To $70K On The Tailwinds Of Stablecoin Minting, Chinese Stimulus, Renewed Altcoin Activity: 10x Research
Portfolio Pulse from Khyathi Dalal
Bitcoin is predicted to reach $70,000 due to stablecoin minting, Chinese stimulus, and increased altcoin activity. 10x Research highlights factors like stablecoin inflows, altcoin gains, and Chinese economic plans as key drivers.
September 27, 2024 | 4:02 pm
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Bitcoin is expected to reach $70,000 due to stablecoin minting, Chinese stimulus, and increased altcoin activity. The recent surge in Bitcoin's price is supported by these factors, along with a drop in realized volatility.
The report by 10x Research highlights several factors contributing to Bitcoin's potential rise to $70,000, including stablecoin inflows, Chinese economic stimulus, and increased altcoin activity. These factors are likely to drive demand and price appreciation in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum has surged 11% since the Federal Reserve's rate cut, with increased altcoin activity contributing to higher gas fees. This trend is part of a broader crypto market uptrend.
Ethereum's price increase is part of the broader market uptrend driven by factors like stablecoin inflows and altcoin activity. The rise in gas fees indicates heightened network usage, supporting further price gains.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Circle's USDC has accounted for 40% of recent stablecoin inflows, indicating strong interest from larger market players. This trend supports the broader crypto market uptrend.
USDC's significant share of stablecoin inflows suggests increased institutional interest, which supports the overall crypto market's upward momentum. This trend is likely to continue in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60