Originally published on: October 30, 2024
According to the latest insights from crypto research firm 10x Research, Bitcoin is well-positioned to reach $100,000 by January 2025, thanks to current market trends and upcoming global events.
The prediction is based on 10x Research’s model, which has recently triggered two buy signals, with the latest one occurring on Oct. 14. The firm boasts an impressive 86.7% accuracy rate based on the last 15 signals.
The researchers at 10x Research have outlined their reasoning behind the optimistic Bitcoin forecast. They believe that a 40% surge from the current market price of $73,000 could propel BTC above $101,000 by Jan. 27, 2025.
One supporting factor for this projection is the “Bitcoin black hole effect,” which suggests that Bitcoin’s increasing dominance is diverting value from altcoins. Moreover, institutional investors like BlackRock are now viewing BTC as a reliable long-term asset or digital gold.
The report from 10x Research highlights that the spot Bitcoin exchange-traded funds (ETF) market attracted $4.1 billion worth of BTC in October alone, indicating growing interest from both institutional and retail investors.
Additionally, significant investments in BTC have driven up stock prices of Bitcoin mining companies, a trend previously forecasted by 10x Research. The firm has also predicted a positive impact on the crypto market if Donald Trump wins the 2024 United States presidential election.
Furthermore, upcoming regulations will soon allow companies to report their Bitcoin holdings at current market prices, encouraging more businesses to incorporate crypto into their portfolios.
However, 10x Research paints a more bearish picture for Ether due to declining yields over the past two years. While the report anticipates short-term rallies for Ether, it remains skeptical about its long-term prospects unless significant innovations alter its stagnant trajectory.
As the crypto market continues to evolve, keeping an eye on expert forecasts and trends can help investors make informed decisions about their portfolios. Don’t miss out on the latest insights and analysis by subscribing to the Markets Outlook newsletter for critical information on investment opportunities and trading strategies, delivered every Monday. Subscribe now to stay ahead of the curve.
