10x Research Director: Bitcoin is expected to breakout before the January FOMC meeting

 Markus Thielen, the head of research at 10x Research, stated that the price of Bitcoin is expected to break through at the end of January before the Federal Open Market Committee (FOMC) meeting. The current price of Bitcoin is at $96,794, and this breakthrough could go up or down.

Thielen pointed out in his market report on January 14 that Bitcoin is trading within a narrowing triangle range, indicating that a breakthrough is imminent and is expected no later than the FOMC meeting on January 29. From a trading perspective, the best strategy is to follow the direction of the breakthrough.

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