A move to $116,000 represents a 6.45% jump from Bitcoin’s current price at the time of publication.
Bitcoin could 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 three macro factors that could help bolster Bitcoin’s (BTC) price this month in a report on Thursday.
“Bitcoin is testing the top of its consolidation range, just as a perfect storm of macro catalysts begins to build,” he added, 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.
