10x Research CEO Markus Thielen has expressed optimism about Bitcoin’s future, predicting a new all-time high. According to Thielen, a “head and shoulders” chart pattern is on the verge of completion, potentially leading to a rally towards $83,000 in the near future. Despite a retreat to just over $69,000 on June 7, Thielen remains bullish on Bitcoin’s prospects. He attributes this optimism to the global central bank easing cycle which has been initiated with interest rate cuts in Canada and Europe. Thielen believes that with weakening US growth, employment, and consumer spending, it is only a matter of time before inflation slows down.
While Thielen’s analysis paints a positive picture for Bitcoin, there are challenges that the cryptocurrency faces. Despite receiving $4.8 billion in inflows over the past week, Bitcoin prices have only climbed by 3.1%, falling short of the projected 5.8% rally. Thielen suggests that around $13 billion in new inflows would be needed to reach the $83,000 mark. The resistance at $71,600 is a crucial level, and breaking it could lead to more upside buying. However, attracting $13 billion in inflows would require significant commitment from investors.
Thielen’s bullish sentiments do not extend to Ethereum, as he is less optimistic about the cryptocurrency. He expects ETF demand for Ether to disappoint and believes that Ethereum may face challenges in the near future. Ethereum recently broke key support at $3,725, falling to $3,640 before rebounding to $3,700 in early weekend trading. Despite these fluctuations, Thielen’s analysis indicates that Ethereum may face obstacles in its growth trajectory.
Capriole Fund founder Charles Edwards also weighed in on the market dynamics, suggesting that long-term holder selling is impeding Bitcoin’s upward momentum. With Bitcoin trading at $69,420 and finding support at $67,500 during a recent decline, the cryptocurrency’s path forward remains uncertain. Breaking the $71,500 resistance level is crucial for Bitcoin to gain further upward momentum. The current market conditions suggest that crypto markets are range-bound and in an accumulation zone following a Bitcoin halving event.
While analysts like Thielen remain optimistic about Bitcoin’s potential for a new rally and reaching all-time highs, there are challenges and obstacles that the cryptocurrency must overcome. From attracting substantial inflows to breaking key resistance levels, Bitcoin’s journey is fraught with uncertainties. Additionally, Ethereum’s future prospects remain uncertain, highlighting the volatility and unpredictability of the cryptocurrency market. Investors and analysts will closely monitor market trends and developments to gauge the trajectory of Bitcoin and other cryptocurrencies in the coming days and weeks.
Leave a Reply