According to analysts at Crypto, Bitcoin could rise to $116,000 by the end of this month, as three macroeconomic factors will be advantageous by the end of this month.
“I think $116,000 is possible,” 10x research director Markus Thielen told Cointelegraph after highlighting three factors that will help strengthen Bitcoin (BTC) prices this month in a report on Thursday.
Bitcoin is testing the top of the range, and more benefits are possible
“Bitcoin is testing the top of its integration range, just as a complete storm of macrocatalysts begins to build,” he said.
Bitcoin moves represent a 6.45% jump from the current $108,990 and a 3.60% jump from the current high of $111,970, according to CoinMarketCap data.
He pointed to a strong influx into spot Bitcoin ETFs that experienced their first net leak date on Wednesday, following a 15th consecutive day of influx, as a bullish indicator for Bitcoin.
“These flows are increasingly outweighing price action, signaling institutional demand driven by macro concerns rather than short-term momentum.”
Tierren said political pressure on the US Federal Reserve from US President Donald Trump is the reason for the surge inflows. In April, Trump criticized Federal Reserve Chairman Jerome Powell, saying his firing “can’t come quickly enough.”
“This rhetoric could have been a catalyst for the third wave of Bitcoin ETF accumulation,” Tieren said.
Since May 1, the US-based Spot Bitcoin ETF has recorded an influx of $99.1 billion, about 20% of the total influx since its launch in January 2024, according to Farside data.
The new Fed chair may be “leaning more towards rate reductions”
Thierren speculated that Trump might push the new Fed chair that can defend a gradual monetary policy that could benefit Bitcoin.
“It may be only a matter of time before Trump nominates a new Fed chair that is more leaning towards interest rate cuts, evoking a comparison with Arthur Burns.
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Tyren also pointed out that the Bitcoin balance in crypto exchanges is “shrinking.”
“Currently, exchange balances have declined for 98 consecutive days, marking the longest drawdown since 2020, ahead of the last major bull market breakout,” Tieren said.
“Historically, such a sustained outflow indicates an increase in rarity and an increase in upside down pressure. If this pattern continues, Bitcoin could set another breakout stage,” he added.
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This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
