10x Research Founder: Bitcoin Could Reach $90,000 by Year-End

on November 4, in an interview with Cointelegraph, Markus Thielen, founder of 10x Research, expressed cautious optimism about Bitcoin reaching $90,000 by year-end, but expects the price to first drop to the mid-to-upper $70,000 range before rebounding at the end of the year.

Thielen believes Bitcoin will outperform Ethereum, partly because much of the value in the Ethereum ecosystem is flowing to Layer 2, and network usage yields insufficient returns for holders. He also noted that, based on his analysis of 13F filings, of the approximately $60 billion net inflow into Bitcoin spot ETFs, about $20 billion to $30 billion came from options market makers, with the corresponding positions used as collateral for options trading.