{"id":396,"date":"2024-09-28T08:02:43","date_gmt":"2024-09-28T08:02:43","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=396"},"modified":"2024-09-28T08:02:43","modified_gmt":"2024-09-28T08:02:43","slug":"crypto-rally-expected-in-q4-2024-with-exceptionally-high-chances-analyst","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=396","title":{"rendered":"Crypto Rally Expected In Q4 2024 With \u2018Exceptionally High\u2019 Chances: Analyst"},"content":{"rendered":"
\n

Bitcoin\u2019s (BTC) breakout above $65,000 could lead to \u2018exceptionally high\u2019 chances for a wider crypto rally in Q4 2024, according to Markus Thielen, head of research at 10x Research.<\/p>\n

Sustained Bitcoin Rally Could Spark FOMO In Altcoins<\/h2>\n

In a recent report<\/a>, Thielen outlined several factors that could set the stage for a crypto rally in the last quarter of 2024. According to the report, further upside for the crypto markets could be on the cards due to two key factors.<\/p>\n

First, the acceleration in stablecoin minting signals rising interest among investors and traders in re-entering the crypto market.<\/p>\n

In the weeks following the July 31 Federal Open Market Committee (FOMC) meeting, nearly $10 billion worth of stablecoins were issued, boosting market liquidity and even eclipsing Bitcoin exchange-traded fund (ETF) inflows.<\/p>\n

The report states:<\/p>\n

\n

Circle, which typically caters to more regulated institutions, has accounted for a disproportionate 40% of recent stablecoin inflows, signaling increased allocation from larger market players. Unlike USDT minting on Tron, typically associated with capital preservation, USDC minting may indicate a rise in DeFi activity. Year-to-date, stablecoin inflows have reached $35 billion, pushing the total value of outstanding stablecoins to $160 billion.<\/p>\n<\/blockquote>\n

Thielen emphasizes Bitcoin\u2019s recent breakout above $65,000, stating that it could rapidly move toward the psychologically important $70,000 price level before it attempts to print a new all-time-high (ATH) value.<\/p>\n

Another metric suggesting a potential altcoin rally later this year is the declining<\/a> Bitcoin dominance (BTC.D) following the September FOMC meeting. BTC.D\u2019s decline coincides with rising Ethereum (ETH) network gas fees, likely driven by increased altcoin activity on the smart contract blockchain.<\/p>\n

The chart below shows the rise in Ethereum gas fees, surging from $1.89 million on August 13 to consistently hovering above $7 million since September 22.\u00a0<\/p>\n

\"ethereum<\/p>\n

The report adds that assuming the US Federal Reserve (Fed) continues to cut interest rates, high-beta altcoins could become increasingly attractive to crypto traders.<\/p>\n

Encouraging Cryptocurrency Trends In South Korea, China<\/h2>\n

The report highlights South Korea\u2019s crypto trading activity as a factor strengthening the altcoin trend. Daily trading volume in the country now floats around $2 billion, with altcoins dominating trading activities ahead of BTC.<\/p>\n

Notably, Shiba Inu (SHIB) has reclaimed the first position in trading volume in South Korea, indicating enhanced<\/a> speculation and paving the way for a potential altcoin-dominated market in Q4.\u00a0<\/p>\n

Finally, Thielen highlights that Chinese over-the-counter (OTC) brokers have reported regular quarterly inflows of roughly $20 billion over the last six quarters, totaling $120 billion.\u00a0<\/p>\n

As reported recently, the Chinese central bank reduced<\/a> its reserve requirement ratio (RRR) by 50 basis points to inject liquidity into the market, which could fuel a parabolic rally in digital asset prices later this year.<\/p>\n

The report concludes by forecasting that Bitcoin\u2019s next target will be $70,000 within two weeks, with a potential new ATH by late October. BTC trades at $66,298 at press time, up 1.4% in the past 24 hours.<\/p>\n

\"Bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s (BTC) breakout above $65,000 could lead to \u2018exceptionally high\u2019 chances for a wider crypto rally in Q4 2024, according to Markus Thielen, head of research at 10x Research. Sustained Bitcoin Rally Could Spark FOMO In Altcoins In a recent report, Thielen outlined several factors that could set the stage for a crypto rally in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-396","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=396"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/396\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}