10x Research: Bitcoin is expected to quickly rise to $70,000 and subsequently set a new historical high in the short term

10x Research released a report stating that since the Federal Reserve's interest rate cut in September, Bitcoin has risen by 5%, Ethereum has soared by 11%, and altcoins are experiencing explosive growth. With the acceleration of stablecoin minting, Chinese over-the-counter brokers have reported billions of dollars flowing in, suggesting further potential for increase. As Bitcoin breaks through $65,000, we expect it to quickly rise to $70,000 and set new historical highs in the short term.

Driven by increased global liquidity, China's $278 billion stimulus plan may ignite a parabolic rebound in cryptocurrency prices. If Trump is re-elected, he might seek to overly stimulate the U.S economy which could potentially force the Federal Reserve to reverse its easing cycle as early as the first half of 2025.

The report indicates that their target for the next two weeks is $70,000 and they hope to set a new historical high before the end of October.