Markus Thielen, Head of Research at 10x Research, has issued a bullish forecast for Bitcoin, predicting that the cryptocurrency is poised to hit new all-time highs in the final quarter of 2024. In a September 22 report, Thielen identified key factors that signal a potential rally for Bitcoin and the broader crypto market between October 2024 and March 2025.
Thielen’s analysis points to an improved market structure and rising liquidity as catalysts for Bitcoin’s anticipated surge. The increased supply of stablecoins suggests heightened liquidity, which often precedes major price rallies. Concurrently, open interest in futures trading has spiked to $17.6 billion, levels not seen since early August, signaling increased speculative activity among traders, according to Coinglass data.
Another factor that could fuel Bitcoin’s rise is the release of $16 billion in assets from FTX creditors between December 2024 and March 2025. Thielen estimates that up to $8 billion of this capital could flow back into the crypto market, potentially driving up Bitcoin’s value.
Past Barriers Becoming Catalysts
As Q4 begins, many obstacles that had previously weighed down Bitcoin’s price seem to be fading. The Federal Reserve’s recent 50-basis-point interest rate cut has shifted investor focus to “risk-on” assets like Bitcoin, as inflation and a weaker U.S. dollar create opportunities for growth.
Additionally, the Bitcoin halving event in April 2024, which temporarily disrupted the mining sector, now appears to have been absorbed by the market. Blockchain.com data shows that the network’s hash rate has returned to pre-halving levels, suggesting stability among miners. Furthermore, major Bitcoin sell-offs, such as those by the German government and Mt. Gox trustees, are reportedly over, clearing the path for further price appreciation.
Political Support for Crypto Fuels Optimism
Political developments in the U.S. are also adding momentum to the bullish outlook. Vice President Kamala Harris recently voiced her support for digital assets and artificial intelligence during a fundraiser in New York, pledging to foster innovation while ensuring consumer protection. Her stance, coupled with former President Donald Trump’s open backing of cryptocurrency, signals growing bipartisan support for the sector.
With regulatory clarity likely on the horizon and strong political endorsements, Bitcoin and the broader crypto market are positioned for significant growth as we move into 2025.
