According to 10x Research, Bitcoin may soon reach a new all-time high in Q4, potentially putting an end to the recent volatile correction phase. 10x Research predicts that if Bitcoin surpasses the $65,000 mark, the bull market will resume with the digital asset targeting $70,000. At the time of writing, Bitcoin is trading at $66,317.69, which is up over 2% in the last 24 hours.
Bitcoin Gaining Traction?
Bitcoin has encountered a strong recovery recently. Over the past week, Bitcoin bounced 6.16%, while it surged a remarkable 144.43% since September 2023. This shift in momentum suggests that the market is gaining back its confidence in Bitcoin’s long-term potential.
10x Research also noted that the overall market landscape is shifting, with high-risk, high-reward assets like Bitcoin gaining traction. The firm highlighted that the recent correction in Bitcoin’s price was marked by four lower highs after reaching a peak in March. However, if Bitcoin surpasses $65,000, it would depict a reversal of this downtrend, leading to further upward momentum.
Investors Eye Speculative Altcoins
Additionally, along with the expected Bitcoin rise, the research firm also noted that investors are now prioritizing speculative altcoins over more stable, yield-focused tokens. This is driven by a desire for higher returns, as the appeal of real-world asset tokens has declined due to recent rate cuts by the Federal Reserve.
This shift in investor behavior could lead to a broader market shift, with increased demand for more volatile and potentially profitable assets.
Impact On Altcoins
As Bitcoin approaches a new all-time high, the impact on altcoins could be significant. 10x Research suggests that “battered high-beta altcoins” may witness huge gains in the short term if Bitcoin’s price holds above the $70,000 mark. These altcoins, which tend to be more volatile than Bitcoin, could benefit from renewed interest in the cryptocurrency market.
The research firm noted that the correction that began in mid-March appears to be coming to an end. With sufficient corrections done on its part, Bitcoin is positioning the stage for a potential breakout, which could lead to increased investor interest in both Bitcoin and altcoins, as demand for more speculative assets continues to rise.
Bitcoin Rally Imminent?
Bitcoin price broke and closed above its consolidation zone between $62,000 and $64,700 on Thursday, closing above $65,000. If BTC breaks and closes above its daily resistance level at $65,379, it could rally 7% from the breakout point to retest its July 29 high of $70,079. Contrarily, if BTC breaks and closes below the consolidation zone around $62,000, it could further extend the decline by 7% to retest its September 17 low of $57,610.
The anticipated movement in Bitcoin’s price could significantly influence the overall cryptocurrency market. As investors continue to eye speculative assets, the upcoming months could see heightened trading volumes, increased market participation, and potential all-time highs for various digital currencies.
Stay tuned for more updates on Bitcoin and the broader cryptocurrency market as we track these exciting developments.
