Cryptoquant分析师Burak Kesmeci指出，比特币的涨势将是长期性的，其当前市场价格高于过去一年的平均实现价值，这代表比特币长期投资者的信心正在不断增强。The combination of the Fed rate cut and the massive stimulus by the People's Bank of China has increased global liquidity, triggering a market frenzy this week. After two months of weakness, the price of bitcoin has risen by 10% in the past month, boosting investors' confidence.
After two months of intense fluctuations, the price of bitcoin has seen a significant rebound this month, which is closely related to the Fed's rate cuts and China's implementation of a large-scale monetary easing policy.
$Bitcoin (BTC.CC)$The price is currently above $65,000, rising over 30% from the local low of $49,000. In the past month, the price of bitcoin has risen by 10.85% and is expected to continue its upward trend.
Analyst Burak Kesmeci of Cryptoquant pointed out that the upward trend of bitcoin will be long-term, with its current market price higher than the average realized value over the past year, indicating growing confidence among long-term bitcoin investors.
The exchange supply ratio and fund flow ratio of bitcoin also show bullish signals, with investors now more willing to buy bitcoin to potentially earn higher returns in the future. This has led analysts to once again anticipate a high point of $70,000.
Bull market?
In its latest report, 10X Research predicts that bitcoin has reversed its downward trend and is now aiming for a price target of $70,000. The team believes that bitcoin is likely to break through this price level within two weeks and hit a new all-time high by the end of October.
In March of this year, due to various bullish factors such as the bitcoin halving event, the support of US presidential candidate Trump, and the listing of bitcoin ETF, the price of bitcoin hit a record high of $73,096. During the Fed rate cut cycle, this high point may be surpassed once again.
10X also emphasized the stimulating measures announced by China this week to boost the market. Due to China's large-scale easing leading to increased global liquidity, it may trigger a parabolic rise in the prices of cryptocurrencies.
This week, there was a rebound in demand for the United States spot Bitcoin ETF, attracting over 1 billion US dollars in investment inflow. Since its listing in January, the Bitcoin ETF has accumulated a net capital inflow of 18.8 billion US dollars.
According to statistics, institutions issuing Bitcoin ETFs have been frantically buying spot bitcoins in the past week. BlackRock, Fidelity, and Ark Invest bought 6661 bitcoins in just one day on Friday, driving a shortage of bitcoins. This has also made investors more hopeful to see Bitcoin enter a bull market in the fourth quarter.
Editor/ping