Top Analyst Discusses Bitcoin (BTC) All-Time High: Key Factors Revealed

• Bitcoin’s potential to reach an all-time high is closely tied to inflation rates, according to 10x Research’s chief analyst Markus Thielen.
• If inflation comes in at 3.3% or lower, Thielen predicts a significant surge in Bitcoin’s value.
• “If inflation is 3.3% or lower, Bitcoin should see an all-time high,” Thielen stated in a report dated May 29.

Discover how inflation rates could drive Bitcoin to new heights in our latest analysis.

The Growing Importance of Macro Data for Bitcoin

Thielen emphasized that Bitcoin’s price movements are increasingly influenced by macroeconomic factors, particularly inflation. He noted several instances this year where higher-than-expected Consumer Price Index (CPI) results led to declines in Bitcoin’s value.

Impact of CPI Results on Bitcoin

For example, on April 10, the CPI was reported at 3.5%, just 0.1% above expectations. Subsequently, Bitcoin’s price fell by 6.67% to $56,000 by April 30. Thielen pointed out that despite an initial surge in spot Bitcoin ETF inflows on January 11, the rest of the month’s inflows were disappointing, primarily due to higher-than-expected CPI results.

Conclusion

In summary, the correlation between inflation rates and Bitcoin’s price is becoming more evident. Investors should closely monitor macroeconomic indicators, particularly CPI results, to better understand potential market movements. As always, conducting thorough research before making any investment decisions is crucial.