Bitcoin Market Update

Bitcoin started the week with increased focus on the PCE data, which the FED closely monitors for interest rate decisions.

Despite a cautious investor sentiment, 10X Research founder Markus Thielen suggested that Bitcoin might have found its bottom and could surge to $90,000.

Thielen, known for his accurate forecasts, noted that Bitcoin could rise with the easing of US tariffs and the FED’s moderated stance on inflation:

> “Bitcoin may be forming a bottom, supported by US President Donald Trump’s recent easing on bilateral tariffs set to take effect on April 2 and the Fed’s moderate tone at its March 18-19 meeting.”

He further remarked,
> “The moderately moderate tone of Fed Chair Jerome Powell suggests that the Fed’s put option remains intact, providing additional support for a recovery in stock prices,” indicating that both the Fed and Trump’s actions have strengthened Bitcoin’s macro outlook.

Thielen also mentioned that Bitcoin’s 21-day moving average is around $85,200, and several key indicators are trending upwards, reminiscent of levels seen before previous rallies, particularly with the September 2023 ETF optimism and August 2024 US election outlook:

> “In short, the technical ground for Bitcoin has now been reset for a renewed uptrend to emerge, and everything is ready for the uptrend.”

However, he cautioned that Bitcoin still lacks a definitive catalyst for a robust rally, noting that resistance at $90,000 could be a challenge.

Additionally, Thielen pointed out that many altcoins have broken out of their downtrends and are now trading at more attractive levels. Still, he emphasized that Bitcoin’s rally potential remains uncertain due to the absence of a clear catalyst for significant upward movement.

This is not investment advice.