Bitcoin is ready for a new breakout, says Markus Thielen of 10x Research. He predicts that we could see a new price movement for Bitcoin even before the next Federal Reserve interest rate meeting on January 29.
Which Direction Will Bitcoin Break Out?
What Thielen has not yet revealed is the direction in which he expects Bitcoin to break out. A breakout could go either way — the price could move upward or downward.
In the above chart, Thielen observes that Bitcoin is approaching its breakout moment. “From a trader’s perspective, the best approach is to follow the breakout, regardless of the direction,” Thielen explains.
He also notes that expectations for a high Consumer Price Index (CPI) figure have increased. This could mean that Bitcoin might rise if inflation turns out to be lower than expected.
Bitcoin needs positive signals, especially since the Federal Reserve was highly cautious about the number of interest rate cuts expected in 2025 during the last meeting.
Caution Ahead of Trump’s Inauguration
Ahead of Donald Trump’s inauguration, Thielen advises “remaining cautious” regarding Bitcoin’s price movements.
He makes a valid point, as developments involving Donald Trump could go in either direction. In a positive scenario, he could introduce his promised “Strategic Bitcoin Reserve.” In a less favorable outcome, he might back away from this promise.
Historical Parallels
- Bitcoin Nears a Crucial Turning Point: Analyst Markus Thielen Predicts a Major Breakout Ahead - January 15, 2025
- US States Embrace Bitcoin: Strategic Reserves on the Horizon - January 13, 2025
- Can PEPE Repeat Shiba Inu’s Parabolic Rise from 2021? 🚀🐸 - January 3, 2025
