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10x Research: Bitcoin is expected to hit a new high eventually, but macro factors are needed to provide support
2024-07-29 01:15
Odaily News 10x Research said in its report that based on historical data, Bitcoin's returns flattened in August and fell in September. However, positive factors in US interest rate policy, falling inflation and the election calendar may buffer the downward pressure from the unlocking of $1 billion in tokens in August. Bitcoin's market share is creating new highs for this cycle, with significant impacts. It said that Bitcoin is expected to set new highs eventually, but it may need a "macro" level boost, such as the Federal Reserve's expected rate cuts or another dose of lower inflation. Traders must keep watching as Bitcoin prices approach the top of the range. The Federal Reserve's interest rate decision on August 1 and the CPI report on August 14 will be crucial.