Bitcoin is heading towards $70,000 with Donald Trump's statements and increased investor interest, and investors expect this rise to continue. However, Markus Thielen, founder of 10X Research, known for his successful predictions, states that the rise in Bitcoin may not be as fast as expected and will depend on the macroeconomic factors of the USA.
Thielen stated that Bitcoin followed a horizontal course in August and showed a downward trend in September, predicting that BTC may have entered a potentially slow period. However, he notes that upcoming macroeconomic events may affect Bitcoin upwards. He especially emphasizes that the FOMC meeting on July 31 may be a determining factor in Bitcoin's rise.
Thielen states that while investors are waiting for an eventual breakout, Bitcoin may need macroeconomic aid such as the FED's projected interest rate cuts or low inflation data. At this point, he states that the FOMC meeting on July 31 and the US CPI report on August 14 will be of critical importance. He notes that historically, the Fed has waited 5-10 months between the last rate hike and the first rate cut, making the current 12-month pause one of the longest waiting periods. However, a signal of a rate cut on July 31 could help Bitcoin surpass $70,000.
From a technical perspective, Thielen shares his predictions about Bitcoin's price trends. He states that Bitcoin has been in a gradually decreasing downward trend since the beginning of March, and this creates upward pressure on Bitcoin. Stating that the upper trend line is tested more frequently than the downtrend line, Thielen thinks that an upward break is more likely than a decline.
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