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10x Research Director: Bitcoin is expected to make a breakthrough before the January FOMC meeting

10x Research Director: Bitcoin is expected to make a breakthrough before the January FOMC meeting

Bitget2025/01/15 05:14

Markus Thielen, Research Director at 10x Research, said that the price of Bitcoin is expected to break through before the Federal Open Market Committee (FOMC) meeting at the end of January. The current price of Bitcoin is $96,794 and this breakthrough could be either upwards or downwards.

In his market report on January 14th, Thielen pointed out that Bitcoin is trading within a narrowing triangle range which indicates an imminent breakout, expected no later than the FOMC meeting on January 29th. From a trading perspective, the best strategy would be to follow in whichever direction it breaks.

He added that due to weak market momentum, Bitcoin may continue its range-bound fluctuations until mid-March. According to data from CME Fed Watch Tool, traders in federal funds futures markets predict there's a 38.3% chance that the Federal Reserve will not cut interest rates in the first half of 2025.

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