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Markus Thielen, the Head of Research at 10x Research, conveyed an optimistic perspective regarding Bitcoin’s price, forecasting that the cryptocurrency is “poised to achieve new all-time highs in Q4 2024.”
In a report from 10x Research dated September 22, Thielen emphasized an exhilarating period for the cryptocurrency market from October to March, identifying it as a potential turning point for Bitcoin and other digital currencies.
Bitcoin’s price over past cycles. Source: 10x Research.
He pointed out enhancements in the market structure, which could lay a robust groundwork for a bullish trend.
The increasing supply of stablecoins suggests greater liquidity, which can boost trading activity—often a precursor to notable price surges.
Simultaneously, high leverage levels in futures trading indicate a more speculative atmosphere among traders, potentially pushing prices higher. Data from Coinglass reveals that open interest has risen to levels not seen since early August, exceeding $17.6 billion.
Moreover, the anticipated release of $16 billion from FTX creditors between December 2024 and March 2025 is likely to inject additional capital into the market. Thielen estimates that between $5 billion and $8 billion could re-enter the cryptocurrency sector, further aiding Bitcoin’s rise.
Previous Obstacles to Bitcoin’s Price Transition to Catalysts
As we approach Q4, former constraints on Bitcoin’s price are being alleviated, fostering a more advantageous environment conducive to potential growth.
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A significant driver behind Bitcoin’s recent surge is the Federal Reserve’s choice to reduce interest rates by 50 basis points. This action has shifted focus toward “risk-on” assets as investors pursue opportunities amid a weakened U.S. dollar, increasing inflation, and ongoing fiscal uncertainty.
The stability of BTC miners following the halving has also played a role in enhancing positive sentiment. Bitcoin halving events, which decrease the block reward for miners, typically result in a phase of instability within the mining sector.
According to data from Blockchain.com, after the April 2024 halving, the network’s hash rate has reverted to pre-halving levels, indicating that the market has absorbed the effects.
Additionally, significant Bitcoin sell-offs seem to have concluded, providing a clear path for further price growth. The German government and the Mt. Gox trustees have finalized their sales, with $11 billion worth of Bitcoin transacted without causing any major price disruptions.
Kamala Harris Commits to Supporting Crypto
Political developments have notably strengthened sentiment in the cryptocurrency market, with the forthcoming US election acting as a key catalyst for optimism.
Vice President Kamala Harris’s initial public endorsement of digital assets has amplified this positive outlook. During a Sunday fundraiser at Cipriani Wall Street in Manhattan, she expressed a commitment to supporting crypto and AI to promote innovation.
We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.
This endorsement, coupled with Donald Trump’s public support for cryptocurrency, underscores a growing bipartisan consensus that is anticipated to generate significant momentum in the cryptocurrency sector as the demand for regulatory clarity intensifies.
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