10x Research Director: Bitcoin may see a breakthrough before the January FOMC meeting

ChainCatcher news, according to Cointelegraph, 10x Research's head of research Markus Thielen stated that Bitcoin's price is expected to break out before the Federal Reserve's Open Market Committee (FOMC) meeting at the end of January. The current Bitcoin price is at $96,794, and this breakout could be either upward or downward.

In a market report on January 14, Thielen noted that Bitcoin is trading within a narrowing triangular range, indicating that a breakout is imminent, expected no later than the FOMC meeting on January 29. From a trading perspective, the best strategy is to follow the direction of the breakout.

He added that due to weak market drivers, Bitcoin may remain in a range-bound oscillation until mid-March. According to the CME FedWatch Tool data, federal funds futures market traders expect a 38.3% probability that the Federal Reserve will not cut interest rates in the first half of 2025.