- 10x Research has weighed in on when Bitcoin will reach the long-desired $100,000 price point.
- The firm cites a pattern that has historically held up almost 90% of the time as the reason for its conviction.
- While such a Bitcoin rally would typically bode well for altcoins, 10x Research contends that the market has changed.
It’s November 10, 2021. Bitcoin has just hit a record high of $69,000, and the euphoria in the crypto market is palpable. Many believe that this is just the beginning, as calls that the asset is on course to hit the $100,000 mark ring through the space. However, this target would fail to materialize, as instead, the asset entered an extended bear market phase that saw it lose over 70% of its value at its lowest point.
Nearly three years later, Bitcoin appears to have come full circle. With the asset again at record highs, $100,000 price predictions litter the space. Will history repeat itself, or will this time be different? Here’s why prominent crypto research firm 10x Research is optimistic.
A Recurring Pattern
10x Research has weighed in on when Bitcoin will reach the long-desired $100,000 price point. In a video shared on Wednesday, October 30, the firm asserted that the asset would reach this lofty target by January 2025.
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The reasoning behind this prediction lies in a pattern the firm suggests has played out 13 out of 15 times whenever the asset has hit six-month highs, as it has recently done by reaching above the $73,000 mark. According to 10x Research, after hitting six-month highs, the asset has historically followed up with a median gain of 40% over the next three months.
Citing this data, 10x Research puts Bitcoin’s price at around $101,000 by January 27.
While such a Bitcoin rally would typically bode well for altcoins, 10x Research contends that the market has changed.
โBitcoin Black Hole Effectโ
10x Research explored the idea of a โBitcoin black hole effect.โ The concept suggests that as Bitcoin grows stronger, it pulls value away from altcoinsโa trend evident in the assetโs growing market share dominance. This dominance has been in an uptrend since November 2022 and now sits at around 60%.
Explaining this phenomenon, the firm argued that Bitcoin’s digital gold narrative was gaining more traction than DeFi, especially among institutions. The firm backed this view by citing the continued inflows into Bitcoin ETFs despite the asset being near all-time highs, arguing that it suggested belief in the asset’s long-term value. In October 2024 alone, these products have raked in over $4 billion.
On the Flipside
- Markus Thielen, the founder of 10x Research, had previously predicted that Bitcoin’s price could hit $125,000 by the end of 2024 while he was still at Matrixport.
Why This Matters
10x Researchโs findings suggest that the $100,000 Bitcoin price target may finally be within reach after years of anticipation.
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