Source: Cointelegraph Original: "{title}"
Bitcoin may be poised to break through the $90,000 mark, following U.S. President Donald Trump's hints at adjusting tariff policies, while the Federal Reserve's statements last week also signaled a tolerance for inflationary pressures.
According to cryptocurrency analysts, Bitcoin may have bottomed out and is expected to rebound to $90,000. This assessment is based on Trump's recent "flexibility" regarding tariff policies and the Federal Reserve's restrained attitude in the face of short-term pressures.
"Bitcoin is attempting to form a bottom, thanks to Trump's policy shift on reciprocal tariffs set to take effect on April 2, which contrasts sharply with his previous hardline rhetoric," noted Markus Thielen, founder of 10x Research, in a report on March 23.
Thielen added that the Federal Reserve clearly stated during its March 18-19 meeting that it would "temporarily tolerate short-term inflationary pressures to allow room for future policy adjustments."
"Powell's mild dovish statements indicate that the Federal Reserve's protective mechanisms remain effective, providing further support for a rebound in stock prices. Therefore, 10x Research's Bitcoin reversal indicator has turned bullish, with Bitcoin's 21-day moving average currently at $85,200."
Bitcoin's bottom formation over the past two years. Source: 10x Research
He stated that these weekly reversal indicators have now retraced to key levels historically associated with bull market recoveries, such as September 2023—when the narrative around Bitcoin exchange-traded funds (ETFs) drove the market up—and August 2024, as the U.S. elections approach.
"In short, the technicals have returned to a critical juncture where a new upward trend could potentially unfold."
Thielen also pointed out that several altcoins have broken out of their downward trend channels, and the current trading levels appear more attractive.
According to CoinGecko, Bitcoin's current trading price is $85,720, having risen 2.1% in the past 24 hours.
Meanwhile, Ethereum (ETH), Tron (TRX), and Avalanche (AVAX) have rebounded 4.3%, 6.4%, and 8.9% respectively over the past week.
However, this crypto research analyst anticipates that if Bitcoin's price breaks through $90,000, it may encounter strong resistance.
Despite the more optimistic outlook, Thielen stated, "There are currently no clear catalysts that could drive Bitcoin to experience an immediate parabolic rise."
He initially believed that Bitcoin would not fall below $73,000, thus avoiding entering a "deep bear market," as the group holding the largest amounts of Bitcoin (i.e., accounts holding 100-1,000 Bitcoins) typically consists of family offices and wealth management firms, which tend to aim for long-term holding.
He also noted that since the last week of January, U.S.-based spot Bitcoin ETFs have seen their first inflows of capital.
"We expect that, as arbitrage opportunities have essentially closed, arbitrage investors will gradually reduce their selling operations in Bitcoin ETFs," Thielen added.
Related: Analyst claims Bitcoin is only undergoing a "normal correction," with the cycle peak yet to come.
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