Bitcoin hits 65K! 10x Research: Bitcoin to break all-time high this week

Bitcoin started the new week with a new upward momentum, breaking through the previous high of 64K set on 2/28 today (3/4), surpassing 65K on the same day, reaching a new high since November 2021.

10x Research: Bitcoin Expected to Reach New All-Time High This Week

The trading analysis firm 10x Research shared its newsletter prediction this morning at 8 a.m., stating that "Bitcoin will reach a new all-time high this week."

According to data from CoinMarketCap, Bitcoin's historical high is at 68,789, with a 6% difference from the 65K level.

Based on indicators observed by 10x Research in the past, including ETF trading volume and inflows, inventory flow models, OTC market activities, and mining companies, the main arguments are as follows:

• Against the backdrop of rising U.S. government bonds, Bitcoin emerges as a resilient alternative asset, unaffected by government intervention like gold or real estate. Significant inflows of funds into Bitcoin ETFs can indicate this.
• OTC market activities show a significant decrease in Bitcoin inventory, leading to an imbalance in supply and demand, which shifts towards purchases on exchanges, resulting in decreased balances.
• Bitcoin valuation remains a mystery, with its unique status as a social currency, and there is no specific model to fully estimate its value. Through mining costs and comparisons with traditional assets like gold, some insights into its intrinsic value may be gained.
• The trend of regular investments indicates a growing trend of "ignoring prices" based on optimism about the halving market. With bullish sentiment and a lack of sellers, Bitcoin is on the verge of breaking new all-time highs.

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As of the deadline, Bitcoin has already reached a new high for the year at 65,500: