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Bitcoin Price Set to Surge Past $70,000 in Coming Weeks, Analyst Predicts

Markus Thielen, founder of 10x Research, has forecasted that Bitcoin will reclaim the $70,000 level within two weeks and surpass its current all-time high of $73,000 by late October. Thielen points to increased stablecoin liquidity and China’s recent monetary easing as potential catalysts for this upcoming rally.

BTC Poised to Set New Record Highs

In 10x Research’s latest market update, Thielen projected Bitcoin will climb towards $70,000 in the next 14 days before reaching fresh all-time highs by the end of October. He noted that BTC’s recent break above $65,000 confirmed its breakout from the previous downtrend, paving the way for further upside.

Thielen’s analysis indicates Bitcoin could potentially rise as high as $75,000 during this projected price surge. The researcher highlighted the recent jump in stablecoin issuance and China’s quantitative easing measures as key factors that could fuel the next leg up for crypto markets.

Stablecoin minting has ramped up significantly since July, with major issuers like Tether and Circle adding nearly $10 billion in supply following the July 31 FOMC meeting. Notably, Circle – which primarily serves regulated institutions – accounts for 40% of recent stablecoin inflows, signaling increased participation from large players.

China’s Stimulus Could Spark Major BTC Rally

Thielen also emphasized China’s historical influence on Bitcoin and how the country’s latest economic stimulus efforts could contribute to price appreciation. An estimated 55% of newly mined BTC still comes from Chinese mining pools, while China once dominated 90% of global Bitcoin trading volume back in 2014.

The analyst predicts China’s $278 billion stimulus package could trigger significant capital outflows into crypto markets. Combined with rising global liquidity, this has the potential to ignite a parabolic rally for Bitcoin and other digital assets.

Interestingly, Thielen suggested Donald Trump could play a role in extending the bull run into next year if re-elected. He speculated that Trump may push for aggressive economic stimulus, potentially pressuring the Federal Reserve to slash interest rates by early 2025.

This aligns with predictions from industry figures like Arthur Hayes, who expect government money printing to drive a “volatility supercycle” benefiting Bitcoin and the broader crypto market.

Bitcoin Dominance Under Pressure

While Bitcoin looks primed for new highs, Thielen warned that BTC’s market dominance faces headwinds. He noted Bitcoin’s share of total crypto market cap has declined since last week’s Federal Reserve meeting, where the central bank cut rates by 50 basis points.

Since then, Ethereum gas fees have spiked due to surging activity across various altcoin ecosystems. Thielen expects this trend to persist if the Fed maintains its dovish stance on monetary policy. The central bank has already hinted at two potential 25 basis point rate cuts before year-end.

At press time, Bitcoin is trading around $65,500, down slightly over the past 24 hours. Trading volume has also dipped by over 33% to $26.3 billion during this period.