As Bitcoin moves towards $70,000 as a result of Donald Trump's statements and increased investor interest, investors expect the rise to continue.
FED's Decision Will Be Effective in Bitcoin's Rise!
However, Markus Thielen, founder of 10X Research, who attracted attention with his successful predictions, said that the rise in BTC will not be as fast as expected and that it depends on macroeconomic factors in the USA.
Stating that Bitcoin has entered a potentially slow period, Thielen said that BTC went horizontally in August and showed a downward trend in September.
Stating that despite this historical trend of Bitcoin, upcoming macroeconomic events may increase Bitcoin, the analyst stated that the long-awaited FOMC meeting on July 31 may be a determining factor in this rise.
“While investors expect an eventual breakout, Bitcoin will likely need 'macro' help in the form of projected interest rate cuts from the Fed or other low inflation data.
At this point, the FOMC meeting on July 31 and the US CPI report on August 14 will be critical.
Historically, the Fed waits 5-10 months between the last rate hike and the first cut; The current 12-month pause has been one of the longest waiting periods. However, a rate cut signal and discourse on July 31 could push Bitcoin above $70,000.”
Rise in Bitcoin is More Possible Than Fall!
Markus Thielen also shared his predictions about Bitcoin's price trends from a technical perspective. Accordingly, Thielen stated that Bitcoin has been in a gradually decreasing downward trend since the beginning of March and said that there is pressure on the upward side of Bitcoin.
“Bitcoin has been in a gradually decreasing but well-defined downtrend since the beginning of March.
“The upper trend line has been tested more frequently (five times) than the downtrend line (three times), so we think an upside breakout is more likely than a crash as the upside pressure appears greater.”
*This is not investment advice.
