Cryptocurrency Analytics Firm 10x Research Projects Bitcoin (BTC) to Reach the $100,000 Price Milestone Early Next Year

In its latest video, the firm explained the rationale behind the bullish prediction.

Bitcoin (CRYPTO: BTC) New major events in the cryptocurrency space every day. Here are the three most important events that occurred on Monday.

10x Research expects BTC to reach $100,000 by early next year

The Cryptocurrency Analysis Unit expects the leading digital currency to reach a new record price level early next year.

In its latest video, the company explained the logic behind the bullish prediction.

The leading cryptocurrency came within striking distance of beating its all-time high of $73,737 last week, setting a new six-week high in the process.

Analysts at 10x Research said such events have historically preceded an average return of 40% over the following three months.

Keeping the reference price at $72,000 - $72,500, a 40% rise would actually take Bitcoin above $100,000.

However, since these estimates, Bitcoin's price has fallen significantly, reaching a low of $67,600 over the weekend.

In addition, analysts have drawn attention to the “Bitcoin black hole effect,” which describes how Bitcoin’s dominance and interest rises with each cycle, as well as the value it pulls away from altcoins.

Attention has also been drawn to Bitcoin's thesis as a safe-haven asset, as belief in its long-term value has led institutional giants like BlackRock to hoard the cryptocurrency.

The company's IShares Bitcoin Trust ETF IBIT was the largest Bitcoin fund at the time of writing, with assets worth more than $26 billion, according to SoSo Value.

Overall, ETFs swallowed more than $4 billion in Bitcoin in October, reflecting heavy institutional demand.

Analysts also saw a high probability of adding Bitcoin developer MicroStrategy Inc. (NYSE:MSTR) to the benchmark S&P 500 index, paving the way for a sharp rise in the stock's value.

Furthermore, a change in accounting rules, allowing companies to report their cryptocurrency holdings at fair value, could encourage more companies to add bitcoin on their balance sheets, 10x Research said.

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The price forecast is in line with those of Matt Hogan, chief investment officer at cryptocurrency fund manager Bitwise, who said the flagship cryptocurrency could surpass $100,000 in early 2025 as institutional adoption picks up and crypto ETF inflows increase. .

Global investment bank Standard Chartered had previously forecast that Bitcoin would reach a new record high of $73,000 on Election Day, November 4, and outside the $80,000 range if Donald Trump secures victory.

The price of the leading digital currency now

At the time of writing, Bitcoin is trading at $69,090.54, up 2.10% over the past 24 hours, according to data from Benzinga Pro.

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