Markus Thielen’s Bold Prediction
Speaking to LaTribune about the future of Bitcoin, Markus Thielen of 10x Research expects Bitcoin to return to $70,000 within the next two weeks and possibly come close to its ATH of $73,000 in late October. Out of this, Thielen suggests that this could be the reason for this potential rally buoyed by the rising densities of stablecoins together with the easing policies by China’s government.
Bitcoin on Track to Hit $70,000 and Beyond
When delivering his latest market outlook, Thielen noted the direction of BTC/USD after piercing the $65,000 level and establishing a bullish breakout of the previous trend of lower lows and lows. They mean that Bitcoin can rise to $70k in the near future and might hit $75000 in the succeeding rally to set the record for new ATH by the end of October.
It fits with the latest sources that predict BTC to increase up to $80,000 in the next weeks, as Thielen assumed. He pointed out that one of the major trends that has been driving market growth and which has seen the growth of stablecoin mintage, especially from giants like Tether and Circle, showed that institutional investors are moving into the crypto markets. The stablecoin establishment that mainly focuses on Circle has attracted forty percent of the latest stablecoin balances placed in regulated institutions.
China’s Role in the Bitcoin Price Surge
He also highlighted the changing China’s attitude to Bitcoin and its latest moves in stimulating economy as potential drivers for the Bitcoin price rise. Chinese mining pools still dominate roughly around 55% of the Bitcoin hashing rate and despite the regulatory hurdles described above, China remains a central player in the context of the Bitcoin ecosystem.
Chinese exporters employed over-invoicing to invest billions into Bitcoin in 2013 which led to a great surge in the price of the digital currency. Thielen points to a $278 billion stimulus plan which is new for the country and could lead to large capital movement into the crypto space just as the rise of Bitcoin globally when global liquidity is abundant.
What Role Will the US and Trump Play?
In fact, Thielen also stirred controversy and made a previously unthinkable suggestion that former President Donald Trump of the United States of America had something to do with the Bitcoin rally. If Trump wins the forthcoming elections, Thielen supposes that his policies can lead to overheating the US economy, and as a result, the Federal Reserve would be under pressure to deliver more rate cuts by 2025.
Cautious optimism for Thielen’s outlook can be provided by Arthur Hayes, another person from the crypto industry, who has mentioned before that Bitcoin can have a ‘volatility supercycle,’ backed by the policies of monetary easing in the world. Hayes also expects this excess of fiat currencies to go into Bitcoin and other digital assets as governments continue to print currency.
Bitcoin’s Market Dominance at Risk?
However, Thielen said that there are other factors to note, that even with the expected upside in price, Bitcoin’s market share could be threatened. He noted particularly that BTC’s standing has been falling for the past week, particularly following the FOMC from which the Federal Reserve set a 50-basis-point cut. Ethereum’s gas fees have risen, implying that activity in the altcoin market has gone up and could get more attention if the Fed does not shut down the possibility of further rate cuts.
As of now, its price is about $ 65500; the trading volume has significantly reduced within the last 24 hours.
Also, Read @ Crypto Investor Turns $1,300 into $3.4 Million in Just 15 Days
