Markus Thielen believes that the first cryptocurrency has entered a period of slow growth in value, as there is pressure on the asset’s upward trend. Therefore, according to the expert, the growth of the first cryptocurrency will not be as fast as expected.
“While investors are looking for a possible breakout, Bitcoin will need ‘macro help’ in the form of a projected Fed rate cut or other low inflation data. The FOMC meeting on July 31 and the CPI report on August 14 will be crucial at this point,” Thielen said.
The analyst emphasized that since the beginning of March 2024, the Bitcoin rate has been in a gradually decreasing trend from a technical point of view. Based on this, forecasts of a sharp jump in price are unfounded, the expert noted.
He also pointed out that the speeches of politicians at the Bitcoin 2024 conference, including Donald Trump, did not have the effect the community had hoped for. According to Thielen, the market needs more than speeches from political parties.
Earlier, Marcus Thielen stated that the cryptocurrency and stock market is on the verge of a significant price correction, and the negative scenario is most likely for digital assets.
Source: Bits
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