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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.