He also reported that Bitcoin could hit bottom and rebound to $90,000 as the Federal Reserve maintains a tight monetary policy amid inflation concerns.
Markus, founder of cryptocurrency research firm 10x Research
"Bitcoin is about to form a bottom, which is likely due to Trump's April 2 announcement," Thielen wrote in a report today.
"This is linked to his emphasis on "flexibility" regarding the reciprocal tariffs that will come into effect on the 18th, softening his previously tough rhetoric."
He continued, "At the Federal Open Market Committee (FOMC) meeting held on March 18-19,
"It is also noteworthy that the Fed has made it clear that it will 'look beyond near-term inflationary pressures.'" He added that Fed Chairman Jerome Powell's moderate comments suggest that the Fed is still
10x Research said that Bitcoin's rebound indicators have turned bullish and that it is currently
The 21-day moving average of the Bitcoin is at $85,200. Tillen said that Bitcoin's weekly reversal indicator was at $20,000 in the period when expectations for a Bitcoin ETF were spreading.
He pointed out that the decline was similar to the levels seen in September 2023 and August 2024 when the U.S. presidential election was approaching, and explained that "the technical environment has reached a point where it can once again reverse into an upward trend."
He added that several altcoins have broken down downward trends and started trading at more "attractive price ranges."
However, I expect there to be a strong resistance line even if Bitcoin reaches $90,000.
Despite the positive outlook, there is no clear catalyst that would cause Bitcoin to explode in the near term.
2025/03/24 17:06 KST
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