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Massive price fluctuations have been observed in the cryptocurrency market following the release of the United States Consumer Price Index (CPI) data and the Federal Open Market Committee (FOMC) report on June 12, 2024. Amid this price volatility, on June 13, 2024, as per the report, 10X Research released a note mentioning, “Our recommendation remains unchanged: stick with the winner, i.e., Bitcoin, and avoid others like Ethereum.”&nbsp; Markus Thielen’s Huge Statement for Bitcoin&nbsp; 
This huge statement by Markus Thielen, the founder of 10X Research, garnered massive attention from investors, traders, and institutions. In a note to clients, Markus stated, “Our recommendation remains unchanged: stick with the winners (Bitcoin) and avoid others (such as Ethereum). Our previous analysis has shown that a lower CPI number tends to lift Bitcoin prices, and we anticipate this trend will continue.” 
On June 12, 2024, the U.S. central bank kept interest rates the same at 5.25%-5.5%. Additionally, they indicated that they expect only one rate cut this year instead of the three predicted in March. This worried investors because, earlier in the day, inflation was lower than expected. As a result, Bitcoin’s price dropped, along with other markets reacting negatively to the Fed’s updated forecast. 
Besides this significant statement by Markus, earlier on June 6, 2024, <a href="https://news.todayq.com/standard-chartered-predicts-btc-might-hit-150k-amid-trump-buzz/">Standard Chartered’s</a> forex and digital assets research head, Geoffrey Kendrick, made a bold prediction that Bitcoin would hit the $150,000 mark by the end of 2024. According to Geoffrey, “I am sticking with my end-2024 $150K and end-2025 $200K forecasts for BTC.” Bitcoin price-performance analysis&nbsp; 
However, the overall cryptocurrency market is currently struggling to gain momentum, especially Bitcoin. Currently, Bitcoin is trading near the $68,000 level, and in the last 24 hours, it experienced a price drop of over 1.6%. Looking at Bitcoin’s performance over a longer period, it has experienced a 4.5% price drop in the last 7 days, though it still shows a 9% gain for the last month. 
According to expert technical analysis, Bitcoin appears bullish, and there is high potential for it to reach $72,000 in the coming days. However, the $70,000 level might create a hurdle for Bitcoin. If the price breaches this level, $72,000 could be an easy target to achieve.

Will Bitcoin regain $70k? Here’s what, Markus Thielen says

Todayq News

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