30s Summary

Crypto research company, 10X Research, believes Bitcoin’s value could reach $100,000 by January 2025, based on the positive performance trajectory and recent buy signals. They also note the “Bitcoin black hole effect” in which Bitcoin’s rising popularity pulls value away from other cryptocurrencies. 10X indicates that Bitcoin is increasingly viewed as a stable long-term asset, with increased investment also boosting Bitcoin mining businesses. In contrast, 10X is less optimistic about Ether’s long-term growth prospects, despite potential short-term rises.

Full Article

So, guess what guys? Crypto research company, 10X Research, reckons that Bitcoin’s value could go all the way up to $100,000 by January 2025. How cool is that? They’re basing this prediction on two recent buy signals their model gave out, the latest one being on October 14. And this isn’t some random guess – this model has a pretty great track record with almost 87% accuracy over the last 15 signals it’s given.

The experts at 10X are saying that typically when Bitcoin hits a new six-month high, like it just did, they’ve seen a median return of 40% over the next three months. Based on that snapshot, a 40% increase on Bitcoin’s current price of $73,000 could see Bitcoinist at a value of over $101,000 by January 27, 2025.

Another thing they pointed out is something called the “Bitcoin black hole effect”. Basically, this means that as Bitcoin becomes more popular, its value is like a black hole sucking the value away from other cryptocurrencies.

In more good news for Bitcoin, big guns like BlackRock are starting to see BTC as a reliable long-term asset – kind of like digital gold. As 10X’s research showed, just in October alone, a whopping $4.1 billion of BTC was poured into the exchange-traded funds market. So, it’s not just the pros seeing the value in Bitcoin, regular investors are also keen on having it for the long term.

Interestingly enough, this surge in Bitcoin investment has also boosted the stock prices of Bitcoin mining businesses. 10X Research saw this coming too.

In other news, 10X is betting that Trump will win the 2024 US election, and they think this will be good news for the crypto market. New rules will allow businesses to show their Bitcoin holdings in current market prices, which might encourage more companies to include crypto in their portfolios.

On the flip side, 10X Research isn’t so optimistic about Ether (ETH). After not seeing great returns in the past couple of years, they still think there could be some short-term ups for Ether, but long-term? Not so much, unless some innovative things happen to change its current slow growth.

Source: Cointelegraph