- Bitcoin may reach a new all-time high in Q4 if it surpasses $65,000, targeting $70,000 amid a market recovery. Â
- The digital asset is currently trading at $63,874.92, up 144.43% since September 2023, signaling regained investor confidence. Â
- Increased demand for speculative altcoins could arise as Bitcoin’s price rises, potentially benefiting high-beta altcoins significantly.
Bitcoin is heading toward a potential new all-time high in the fourth quarter, according to research from 10x Research. The firm expects Bitcoin to surpass the $65,000 mark, which could signal the end of the recent volatile correction phase.
Notably, if Bitcoin breaks above this level, 10x Research predicts the bull market will resume, with the digital asset targeting $70,000.At the time of writing, Bitcoin is trading at $63,731.92, which is down 13.41% from its all-time high of $73,750.
However, Bitcoin has experienced a strong recovery recently, rising 0.24% over the past 24 hours. Over the past week, Bitcoin jumped 6.16%, while it surged an impressive 144.43% since September 2023. This shift in momentum suggests that the market is regaining confidence in Bitcoin’s long-term potential.
Market Signals Point to Strong Bitcoin Performance
Notably, 10x Research has observed 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 signal a reversal of this downtrend, leading to further upward momentum.
In addition to Bitcoin’s anticipated rise, the research firm also noted that investors are now prioritizing speculative altcoins over more stable, yield-focused tokens.This trend is driven by a desire for higher returns, as the appeal of real-world asset tokens has diminished due to recent rate cuts by the Federal Reserve. This change in investor behavior could lead to a broader market shift, with increased demand for more volatile and potentially profitable assets.
Bitcoin’s Potential Impact on the Altcoin Market
Moreover, as Bitcoin approaches a new all-time high, the impact on altcoins could be significant. 10x Research suggests that “battered high-beta altcoins” may see massive 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.
Hence, the research firm emphasized that the correction that began in mid-March appears to have run its course. Medium-term reversal indicators show that Bitcoin’s price has sufficiently corrected, setting the stage for a potential breakout. This could lead to increased investor interest in both Bitcoin and altcoins, especially as demand for more speculative assets continues to rise.
