Bitcoin Set for Possible Surge as FTX Payout Approaches and Fed Changes Course

Bitcoin could be on the verge of a significant rally by the end of 2024, according to insights from the latest 10x Research report.
The
report
highlights the volatile year so far but discusses a paradigm shift in light of the combination of forces driving the cryptocurrency market and seasonal patterns.
Speaking with Cointelegraph, Markus Thielen, the founder of 10x Research, explained that there is a “key focus” on the FTX payout, as the “proposed $5–$8 billion inflow” could spark bullish sentiment:
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Seasonal patterns
Bitcoin (
BTC
) has historically performed strongly from October to March, a trend highlighted in the 10x Research report.
The report speculates that this trend could repeat this year, particularly considering the previous market cycles of 2014, 2017 and 2021.
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Bitcoin catalysts and risks
The report considers multiple external factors that could act as catalysts for Bitcoin’s end-of-year performance. Liquidity is expected to support the bullish momentum.
Macroeconomic conditions such as the US Federal Reserve interest rate decisions, inflation concerns and US election-related dynamics are potential catalysts for BTC’s price.
Despite the alignment of potential bullish catalysts for BTC, the report cautions investors to be vigilant, highlighting the asset’s history of drawdowns of up to 70% in previous cycles:
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Bitcoin rally amid gold pump
The risk-off asset gold has gained over 5% since Sept. 9, recording a new all-time-high driven by geopolitical tensions and interest rate cuts.
Crypto analysts have since been sharing predictions about the impact of BTC’s price on the result of this substantial rise in the price of gold.
The Federal Reserve’s 0.5% interest rate cut on Sept. 18 catalyzed the risk-off commodity, setting a new record high price of $2,629 per ounce as of Sept. 23.
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