Perfect Storm May Push Bitcoin to $116K

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A move to $116,000 represents a 6.45% jump from Bitcoin’s price at the time of publication.

Bitcoin may climb to $116,000 by the end of this month as three macroeconomic factors turn favorable for the asset, according to a crypto analyst.

“I think $116,000 is possible,” 10x Research head of research Markus Thielen told Cointelegraph after highlighting the three factors that could help bolster Bitcoin’s price this month in a Thursday report.

Bitcoin is testing the top of the range, and more upside is possible
“Bitcoin is testing the top of its consolidation range, just as a perfect storm of macro catalysts begins to build,” he said, pointing to the strong uptick in spot Bitcoin exchange-traded fund (ETF) inflows, US Federal Reserve uncertainty and the rapid decline of Bitcoin supply on crypto exchanges.

A move for Bitcoin to $116,000 would represent a 6.45% jump from its current price of $108,990 and a 3.60% jump from its current all-time high of $111,970


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