Bitcoin FOMO is Back: 10X Research's Markus Thielen
Summary
Bitcoin has exited its downtrend and is targeting $70,000 and new record highs following the U.S. Federal Reserve's rate cut in mid-September. A significant increase in stablecoin minting, particularly USDC, has flooded the crypto markets with liquidity, surpassing spot ETF flows. USDC's rise suggests increased DeFi activity. Chinese mining pools contribute 55% of mined bitcoins, and China's monetary and fiscal stimulus could lead to capital outflows into cryptos. A Q4 rally is highly likely, with potential for significant gains. Bitcoin is currently up 2.3% over 24 hours and nearly 12% month-over-month, reaching $66,300.
