Bitcoin may have closed the week below $70,000, but analysts believe it could reach a future all-time high. 10x Research CEO Markus Thielen stated that it is only a matter of time before Bitcoin reaches a new peak.
ATH is Expected for Bitcoin!
Thielen said lowering interest rates in Canada and Europe marked the beginning of the global central bank easing cycle, creating a positive situation for Bitcoin. While employment data in the US is mixed, he notes that Bitcoin price is up 3.1% despite inflows of $4.8 billion.
Thielen suggested that $13 billion in new inflows were needed for the Bitcoin price to reach $83,000. A break above the $71,600 trend line could result in more buying, but he emphasized that entry of this amount requires determination.
What's Happening on the Bitcoin Front?
Charles Edwards, founder of the Capriole Fund, said long-term selling prevented the price from rising. Bitcoin was trading at $69,420 and it could drop to the $67,500 support levels. He stated that Bitcoin must exceed $71,500 in order to gain upward momentum.
Thielen stated that he was less optimistic about Ethereum. Ethereum fell to $3,640, breaking the key support at $3,725, but reclaimed the $3,700 level over the weekend. Crypto markets generally remain in the accumulation zone following Bitcoin's halving event.
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