10x Research: Based on stock-to-flow analysis, the predicted high point of Bitcoin cycle is $62,000

10x Research states in its latest report that while bullish sentiment prevails in the Bitcoin/cryptocurrency space, at certain moments it is critical to protect wealth or take advantage of significant price drops. On October 3, 2023, it predicted that Bitcoin will rise significantly, depending on whether the Federal Reserve maintains its current stance, and recommended "selling at the first Fed rate cut." This view has become increasingly prominent as the expected rate cuts now appear to be driven by economic weakness rather than falling inflation. In October 2022, while most were bearish, it took a bullish stance and halved its 2024 Bitcoin price target to $63,160, eventually reaching $63,491 on April 20, 2024. Similarly, the target for the end of 2023 was $45,000, but the final target was $43,613, which was also questioned. Many were disappointed with the report released by 10x Research in early February, which set the 2024 Bitcoin price target at "only" $70,000. However, the report has already predicted a range of $60,000 to $70,000 in advance, with its stock-to-flow analysis predicting diminishing returns over time and a cycle high of $62,000.