10xresearch

ChainCatcher news, 10xResearch posted on social media that, contrary to popular belief, it believes that the price of Bitcoin is driven by demand rather than changes in the supply of BTC itself (mining).Each cycle of Bitcoin's five bull markets has been driven by innovations in how investors acquire it, from the creation of early spot trading platforms to the use of contracts, unsecured loans, spot Bitcoin ETFs, and now options on these ETFs.This development highlights the increasing integration of Bitcoin with traditional financial markets, and the regulatory approvals from U.S. agencies such as the CFTC and SEC have accelerated this trend, as these agencies have legalized Bitcoin-related financial products over time.

ChainCatcher message, 10xResearch posted on social media that investors should pay attention to potential "false breakdown" price behavior after Bitcoin undergoes a triangular consolidation. The relative strength of Bitcoin has fallen to a low of 40% during this adjustment, a situation that is quite similar to Bitcoin's three adjustments since the beginning of 2023.10xResearch stated that the institution is redefining its "bull-bear boundary price line," which may change its previous outlook. The previously bearish boundary line was set at $68,300.