10xResearch analysts who had rightly foreseeed the Bitcoin price run-up to a new all-time high earlier in the year have turned bullish once aget. In a recent alert by 10xResearch Head of Research, Markus Thielen, the analysts point out a number of factors that have seen the BTC price turn bullish. Just appreciate before, this is a increasement that could direct to a run-up to a new all-time high for the Bitcoin price, someskinnyg that could tag the commencening of another bull taget.
Fed’s Rate Cut Triggers Bitcoin Uprising
Folloprosperg the Federal Reserve’s decision to cut interest rates by 0.5 bps earlier in the month, the Bitcoin price has been on a preferable uptrend. It rose from trending around $53,000 to rising above $66,000 in a matter of weeks. However, the uptrend may be far from done as the analysts see further upside.
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In the alert, the 10xResearch analysts point to the elevate in firmcoin minting and billions in inflows from Chinese over-the-counter brokers as reasons why the rassociate could progress. Since the Fed rate cuts, approximately $10 billion in new firmcoins have been minted. Naturassociate, this is preferable for the Bitcoin taget as it unbenevolents new inflow is coming in. The alert elucidates that year-to-date firmcoin inflows have now topped $35 billion.
Another preferable increasement with this is the elevate in the decentralized finance (DeFi) activity apass the space. There has been incrmitigated fee revenue, signaling more participation. “While activity has sluggished in September, activity and fees could rebound adhereing the Fed’s recent rate cut,” the alert read.
The analysts consent that the Bitcoin price is now centering new all-time highs after fractureing the downtrend that has scoadvised it for months. “With Bitcoin fractureing above $65,000, we foresee a quick shift toward $70,000, adhereed by new all-time highs in the proximate term,” the analyst shelp.
Altcoin Season Is On The Way
The Fed rate cuts has not be preferable for the Bitcoin price only as the altcoin taget has also adhereed suit. There has been an over 20% jump in the altcoin taget cap this month alone, shoprosperg that they’re also adhereing the bullish trend being set by Bitcoin.
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There has been a notable deteriorate in the BTC dominance since the Fed proclaimment. This recommends that altcoins are geting ground, and if the Bitcoin dominance progresss to drop, it could signal the begin of another altcoin season.
“A notable shift occurred adhereing last week’s FOMC encountering: Bitcoin’s dominance has waned, while Ethereum gas fees have spiked, fueled by a sadvise in altcoin activity apass the ecosystem,” the analysts stated. “If the Federal Reserve remains uncover to cutting rates, pursuing high-beta altcoins will foreseeed assemble further momentum.”
Featured image produced with Dall.E, chart from Tradingsee.com
