Due to current market trends and future global events, Bitcoin's market price could soar to $100,000 by January 2025, said cryptocurrency research firm 10x Research.
10x Research's prediction for a $100,000 Bitcoin (BTC) price target is based on a model that has triggered two recent buy signals, the most recent on October 14th. According to 10x Research, its predictive models have a proven track record based on 86.7% accuracy. At the last 15 signals.
The researchers explained the basis for their optimistic predictions for Bitcoin as follows:
“When Bitcoin hits a six-month high like it did recently, the median return over the next three months is typically 40%.”
Considering these calculations, a 40% increase from the current market price of $73,000 would take BTC to over $101,000 by January 27, 2025.
Bitcoin buy signal. Source: 10x Research
Another factor supporting this theory is the “Bitcoin black hole effect.” This means that Bitcoin's increasing dominance is pulling its value away from altcoins.
Institutional investors support Bitcoin bull market
Furthermore, institutional investors such as BlackRock now recognize BTC as a long-term stable asset or digital gold. The 10x Research report states:
“Gold has always been considered a safe asset, so if Bitcoin is the new digital gold, it makes sense that financial institutions would be interested.”
The spot Bitcoin exchange-traded fund (ETF) market brought in $4.1 billion worth of BTC in October alone. Furthermore, general cryptocurrency investors also see value in holding BTC for the long term.
Spot Bitcoin ETF monthly flows. Source: 10x Research
Related: Even with Bitcoin hitting a new all-time high, retail investors have not woken up yet..
Big investments in BTC have driven up the Bitcoin mining company's stock price. This is a correlation previously predicted by 10x Research.
Ethereum may perform well in the short term
10x Research also predicted that Donald Trump will win the 2024 US presidential election, which could have a positive impact on the cryptocurrency market.
The upcoming rules will allow companies to report their bitcoin holdings at current market prices, encouraging more companies to include cryptocurrencies in their portfolios.
In contrast, 10x Research gave a bearish outlook on Ether (ETH) due to declining yields over the past two years.
As a result, the report was optimistic about Ether's short-term rise, but skeptical about its long-term outlook unless innovation changes its stagnant trajectory.
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