10x Research analysts have identified two key factors for the growth of the bitcoin cryptocurrency

Analysts at 10x Research believe that in October, bitcoin BTC $65,691.66 Bitcoin -0.25% Market capitalization $1.3 trillion VOL. 24 hours $0.61 billion may reach a new all-time high due to two main factors.

The first factor is the expected reduction in interest rates by the US Federal Reserve. The second is the payments to creditors after the bankruptcy of the FTX cryptocurrency exchange, which may stimulate optimistic sentiment in the market.

According to their report, an inflow of $ 5−8 billion could cause a sharp rise in the value of bitcoin. Also, if the Fed continues to cut rates, investors are likely to actively move their capital into risky assets, including cryptocurrencies, until 2025.

Analysts emphasize that bitcoin traditionally shows significant growth from October to March, and this trend may repeat itself based on previous cycles, as in 2021 and 2017. Additional factors that could affect growth include market dynamics before the US presidential election and inflation expectations.

Earlier, Michael van de Poppe predicted that BTC could reach new all-time highs in October if it manages to keep the support level above $ 58,500. He believes that in the event of a successful breakout, the BTC price could rise by more than 19% from its current value.