Bitcoin’s back, and it’s gunning for $70,000.
Bitcoin is back on the rise, breaking free from its recent downtrend and eyeing a return to the $70,000 milestone, according to a report from 10x Research.
The cryptocurrency surged past $65,000, driven by a perfect storm of market factors, including a flood of stablecoin liquidity and renewed global interest in crypto.
A $70k target within two weeks? That’s the buzz. 10x Research predicts new all-time highs by late October, as Bitcoin gears up for a bullish Q4.
Several factors are at play here. The release of Binance founder Changpeng “CZ” Zhao from U.S. federal prison on September 27 has helped stir the pot, but the real catalyst is liquidity.
Also Read: Binance After CZ: The End of an Era and the Rise of a New Chapter
Stablecoins have flooded the market, with $10 billion issued in just a few weeks following the Federal Reserve’s FOMC meeting on July 31. With no rate cut on the horizon, traders are pouring funds into Bitcoin, and the total stablecoin market now exceeds a whopping $160 billion.
Much of this is tied to Circle’s USD Coin (USDC), which is becoming a favorite among institutional investors.
China is also making waves. The country’s $278 billion stimulus plan could trigger a parabolic rally, reminiscent of its role in the 2014 BTC surge. Crypto brokers in China have already seen $40 billion in inflows this year, with more than half of that from transactions over $1 million. Big money is clearly moving into Bitcoin, and fast.
Also Read: China Still Reigns in Bitcoin Mining Despite Ban
Despite all the excitement, Bitcoin’s volatility remains surprisingly low, with a 30-day realized volatility sitting at 41%, below its five-year average. This reduction in risk has encouraged institutional traders to place bigger bets, increasing the likelihood of a major rally before year’s end. The report noted:
With lower volatility, institutional traders—who adhere to strict risk management—can take on bigger positions […] The likelihood of a Q4 rally is exceptionally high, with gains likely front-loaded.”
If the market keeps this momentum, Bitcoin could hit $70,000 in a matter of weeks—and maybe even break past it. The stage is set for a potentially historic run.
