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Marcus Thielen: bitcoin may rise sharply on January 29
Bitcoin BTC $104,375.13 Bitcoin 3.60% Market capitalization $2.07 trillion VOL. 24 hours $4.02 billion may experience significant price fluctuations on January 29, 2025, when, according to analyst Marcus Thielen of 10x Research, it will break through the symmetrical triangle, a pattern that indicates the consolidation of the cryptocurrency market. This breakout can lead to both price increases and decreases, depending on external factors.
Technical analysis shows that the symmetrical triangle that Bitcoin is currently in usually indicates that it is preparing for a major market movement. If the market leader is able to overcome resistance, its price may exceed the current level of $ 99,600. However, Thielen warns that the breakout can go either way, and therefore, investors should be cautious.
Macroeconomic factors, such as inflation and the US Federal Reserve’s decision on the discount rate, will also have a significant impact on price dynamics. If inflation is high and rates rise, investors' risk appetite may decrease, which will limit Bitcoin’s growth. On the other hand, improved economic conditions could boost the asset’s value.