- Bitcoin is expected to reach $65,000 in the near future by 10x Research.
- 10x Research predicted that BTC will print a new all-time high in Q4.
- The demand for speculative altcoins is also on the rise, 10x Research said.
Bitcoin (BTC) is on track to reach a new all-time high in the fourth quarter of this year, according to digital asset research firm 10x Research. The firm believes that if Bitcoin’s price moves above the $65,000 level, the bull market will resume.
In a post on X (formerly Twitter), 10x Research explained that since hitting a new all-time high in March, Bitcoin’s price has experienced a volatile correction marked by four lower highs. A breakout above $65,000 “would signal a reversal of this downtrend,” with Bitcoin targeting $70,000.
Additionally, Bitcoin is expected to reach a new all-time high in the fourth quarter of the year. At the time of writing, the world’s largest digital asset is trading at a price tag of $63,874.92, down 13.41% from its all-time high of $73,750. In the past 24 hours, the cryptocurrency rose 0.24% but in the past week, Bitcoin skyrocketed 6.16% while jumping 144.43% since September 2023, as per CoinMarketCap data.
10x Research further noted that the market is witnessing a shift in the investment landscape that “has sparked a surge in the pursuit of high-risk, high-reward assets.”
Read also: This Bitcoin Indicator Says a Bull Run Could Be Coming
10x Research asserts that the downtrend in Bitcoin’s price is over, even though BTC became overbought in the short term after the September 9th rally. The research firm stated:
“Unlike the correction that began in mid-March, medium-term reversal indicators have now corrected sufficiently, suggesting the downtrend has run its course.”
What About Altcoins?
10x Research predicts that “battered high-beta altcoins” could see massive gains in the short term if Bitcoin reaches new all-time highs and holds above $70,000.
The firm observed that investors are now prioritizing high-risk altcoins, and the demand for real-world asset tokens has fallen due to the Fed’s rate cuts, which have reduced their appeal. Investors are moving away from “lower-beta yield tokens” as demand for “more speculative altcoins” increases.
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