Bitcoin break new all-time highs in the fourth quarter of 2024

Marcus Thielen, head of research at 10x Research, expressed a bullish outlook on Bitcoin’s price, predicting that the cryptocurrency will “break new all-time highs in the fourth quarter of 2024.”

In a Sept. 22 10x Research report, Thielen highlighted an interesting phase in the cryptocurrency market from October to March, marking it as a potential turning point for Bitcoin and other cryptocurrencies.

Bitcoin in previous rounds. Source: 10x Research.
Bitcoin pricein previous cycles. Source: 10x Research.
He noted an improvement in the market structure, which could provide a solid foundation for an upward trajectory.

An increasing supply of stablecoins indicates an increase in liquidity, which can boost trading activity – often a sign of a sharp price increase.

At the same time, higher leverage levels in futures trading indicate a more speculative environment among traders, potentially pushing up prices. According to Coinglass, open interest rose to a level not seen since early August, surpassing $17.6 billion.

Additionally, the issuance of $16 billion from FTX lenders between December 2024 and December 2025 is expected to bring more capital to the market. Thielen estimates that $5 billion to $8 billion could re-enter the crypto space, further fueling Bitcoin’s growth.

Bitcoin’s previous price headwinds have turned into catalysts
As we enter the fourth quarter, past pressures on Bitcoin’s price are easing, creating a favorable environment for potential growth.

One of the biggest drivers of Bitcoin’s recent rally is the Federal Reserve’s decision to cut interest rates by 50 basis points. Action shifted to “risk-on” assets as investors looked for opportunities amid a weaker US dollar, rising inflation and financial uncertainty.

The stability of BTC miners after the halving also contributed to the positive sentiment. Bitcoin halving events, which reduce miners’ block rewards, often lead to periods of volatility in the mining sector.

According to Blockchain.com, after the halving in April 2024, the network’s hash rate has returned to its halved level, indicating that the market has absorbed the impact.

Additionally, it appears that the massive Bitcoin sell-off is over, providing a clear path for the price to rise further. The German government and Mt. Gox ended the sale, with $11 billion worth of Bitcoin traded without significant price disruption.

Kamala Harris pledges crypto support
Political events have significantly boosted sentiment in the cryptocurrency market, with the upcoming US election being the main catalyst for optimism.

Vice President Kamala Harris’ first public endorsement of digital assets bolstered this growth outlook. Speaking at Cipriani Wall Street in Manhattan on Sunday, he confirmed support for crypto and artificial intelligence to power innovation.

We will work together to invest in America’s competitiveness, to invest in America’s future. We encourage innovative technologies, such as artificial intelligence and digital assets, and protect our customers and investors.

This endorsement, along with Donald Trump’s open support for cryptocurrencies, points to growing bipartisan support that is expected to drive significant momentum in the cryptocurrency space as the push for regulatory transparency continues.