Bitcoin could climb to $ 116,000 by the end of this month as three macroeconomic factors became desirable for possession, according to a crypto analyst.
“I think $ 116,000 is possible,” 10x Research Head of Research Markus Thielen in Cointelegraph after Highlighting Three Macro Factors that will help Bitcoin’s bolster (Btc) Price this month in a report on Thursday.
Bitcoin tries the top of the range, and more upside down is possible
“Bitcoin is trying the top of its integration range, as a perfect storm of macro catalysts is beginning to build,” he added, pointing out the strong outbreak of the Bitcoin exchange-traded fund (ETF) outflow, US Federal Reserve uncertainty, and the rapid denial of Bitcoin supply supply to Crypto exchanges.
A move for Bitcoin to $ 116,000 represents a 6.45% jump from a current price of $ 108,990 and a 3.60% jump from the current full time $ 111,970, According to In CoinMarketCap data.
He pointed to strong flow to Bitcoin ETF areas, which experienced their first Net Outflow Day on Wednesday After 15 consecutive days of flowingas an indicator of bullish for bitcoin.
“These flows are further exceeding the price action, the sign of institutional demand driven more than MacRO’s concerns than short-term momentum.”
Thielen said the political pressure on the US Federal Reserve from US President Donald Trump could cause flow to flow. In April, Trump criticized Fed Chair Jerome Powell, saying his end was “can’t come quickly.”
“This rhetoric can be a catalyst for the third wave of Bitcoin ETF accumulation,” Thielen said.
Since May 1st, US Bitcoin ETF-based areas have recorded $ 9.91 billion in flow, approximately 20% of their total flow since the launch of January 2024, According to to the data away.
A new Fed seat may “more interesting with rate cuts”
Thielen thought Trump could push for a new Fed seat that could uphold for a deeper financial policy, which would potentially benefit Bitcoin.
“It could only be time before Trump nominated a new Fed seat that was more inclined to the rates, the evaluation of comparisons with Arthur Burns, whose political pressure capitulation contributed to inflation fuel in the 1970s.”
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Thielen also pointed out that Bitcoin’s balances in crypto exchanges were “backwards.”
“The exchange balances have now refused for 98 consecutive days, marked the longest drawdown since 2020, which preceded the last major breakout of the Bull Market,” Thielen said.
“Historically, such a constant signal of the increasing lack of deficiency and mounted pressure. If this pattern continues, Bitcoin can set the stage for another breakout,” he added.
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