10X Research: Predicts Bitcoin cycle high at $62,000 based on stock-to-flow analysis

On August 5th, 10x Research noted in its latest report that while bullish sentiment is prevalent in the bitcoin/cryptocurrency space, at some point it is crucial to protect wealth or take advantage of a sharp drop in price. On October 3rd, 2023, it predicted that bitcoin will rise significantly, depending on whether the Federal Reserve maintains its current position, and recommended "selling when the Federal Reserve first cuts interest rates". This view has become increasingly prominent as the expected rate cut now appears to be driven by economic weakness rather than falling inflation. In October 2022, while most were bearish, it took a bullish stance, halving its 2024 bitcoin price target to $63,160, eventually reaching $63,491 on April 20, 2024.
The end-of-2023 target is $45,000, but the eventual target is $43,613, which has also been called into question. Many were disappointed by 10xResearch's report released in early February, which set a target price of $70,000 for Bitcoin in 2024. However, the report has predicted a range of $60,000 to $70,000 in advance, with diminishing returns over time, with a cycle high of $62,000, according to its stock-to-flow analysis.