Bitcoin Report from Research Firm 10x Research: ‘Breaking This Level is Crucial for Ending the Downtrend!’
A recent analysis by 10x Research suggests that Bitcoin has been going through a volatile period, marked by four consecutive lower highs since March.
According to the report, if Bitcoin manages to break above the $65,000 level, it could serve as an indication that the current downtrend is coming to an end. In fact, the cryptocurrency might even target $70,000 again.
The report highlights that changes in the investment landscape have sparked a search for high-risk, high-reward assets. It also notes that Bitcoin has entered the overbought territory in the short term, following its rapid surge on September 9.
However, despite the ongoing corrections since March, the report suggests that medium-term reversal signals now point towards a potential end to the downtrend. Technical indicators are reaching their bottoms, increasing the likelihood of a break above $65,000. Such a breakthrough could lead Bitcoin to reach new highs, along with a sharp reversal in high-beta altcoins.
Ethereum, too, is showing similar technical corrections, hinting at growth potential despite weak fundamentals. While a new all-time high is not expected for Ethereum, there are signs of a strong recovery with bottoming indicators.
The interest in decentralized finance (DeFi) and high-beta tokens indicates a shift in market trends, potentially influenced by possible interest rate cuts from the Federal Reserve. As a result, altcoins are anticipated to outperform and gain momentum alongside Bitcoin.
As Bitcoin surpasses $60,000 and aims for $65,000, savvy investors are taking advantage of the situation by accumulating undervalued altcoins such as TAO, ENA, SEI, APT, SUI, NEAR, and GRT.
Traders are eager to capitalize on the anticipated strong recovery in the fourth quarter. With central banks stepping in to support economies, investors are now shifting their focus towards a potential DeFi rebound from Bitcoin and yield-generating tokens (RWA).
Please note that this article does not provide investment advice.
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