Bitcoin started the week with an increase in the release of PCE data, which the FED closely follows when making interest rate decisions.
While investors continue to be cautious in the face of this rise, 10X Research founder Markus Thielen said that Bitcoin may have bottomed and could rise to $90,000.
The analyst, who stands out with his accurate predictions, stated that BTC could rise to $90,000 with the easing of US tariffs and the FED's recent moderate stance on inflation.
“Bitcoin may be forming a bottom, supported by US President Donald Trump's recent easing on bilateral tariffs set to be implemented on April 2 and the Fed's moderate tone at its March 18-19 meeting.”
“The moderately moderate tone of Fed Chair Jerome Powell suggests that the Fed's put option remains intact, providing further support for a recovery in stock prices,” Thielen said, noting that the Fed and Trump factor has strengthened BTC's macro outlook.
Thielen also noted that BTC’s 21-day moving average is around $85,200 and several key indicators are trending higher, reaching levels seen before past rallies, such as the September 2023 ETF optimism and the August 2024 US election outlook.
“In short, the technical ground for Bitcoin has now been reset for a renewed uptrend to emerge and everything is ready for the uptrend.
However, BTC still lacks a clear catalyst for a strong rally. Therefore, resistance could be encountered at $90,000.”
Finally, Thielen added that many altcoins have broken out of downtrends and are trading at more attractive levels.
However, he warned that BTC still lacks a clear catalyst for a strong rally and could face resistance at the $90,000 level.
*This is not investment advice.
