Bitcoin, which started to rise with the FED’s 50 basis point interest rate cut decision, rose above $65,000 yesterday for the first time since August 2.
While Bitcoin’s rise and the fact that it is only a short time away from seasonal bullish months according to historical data increase expectations for a rally, one analyst said that there is a very strong possibility of a rally in the fourth quarter after the last strong rise.
Bitcoin May Reach a New ATH in the Short Term!
10X Research founder Markus Thielen stated that FOMO has returned to the Bitcoin and altcoin markets, and said, “The probability of a rally in the fourth quarter is extremely high.”
At this point, Thielen stated that they expect a rapid movement towards $70,000 as Bitcoin rises above $65,000, and argued that a new ATH will be reached in the short term after $70,000.
“With Bitcoin breaking above $65,000, we expect a quick move towards $70,000, followed by new all-time highs in the near term.”
FOMO Is Back, Altcoins Are Booming!
Following the Fed’s September rate cut, Bitcoin gained 5%, while Ethereum (ETH) rose 11% and some altcoins made impressive gains.
Citing ENA (54%), SEI (51%), and Shiba Inu (36%) as examples of these altcoins, Thielen stated that Bitcoin’s rise above $65,000 triggered FOMO to return to the altcoin market.
Stating that further increases are possible as billions of dollars of inflows come from Chinese OTC investors, Thielen wrote:
“Bitcoin’s rise above $65,000 has triggered FOMO to return to the altcoin market.
A larger spike could be on the horizon, triggering even more FOMO in BTC and altcoins.
Altcoins are booming, with ENA, SEI, and SHIB standing out here. SHIB in particular has become a popular investment for South Korean investors this week. Over the past 24 hours, Shiba Inu has topped trading volume in South Korea, setting the stage for a potential Q4 rally.
FOMO is Back: Are You Holding Enough Bitcoin and Altcoins to Ride the Next Wave?
👇1-11) Since the Fed’s September rate cut, Bitcoin has gained 5%, while Ethereum has surged 11%, and certain altcoins have seen impressive gains—+54% for ENA, +51% for SEI, and +36% for Shiba Inu.… pic.twitter.com/QK6hExh4lk
— 10x Research (@10x_Research) September 27, 2024
*This is not investment advice.
