Bitcoin may stage a recovery above the key $90,000 psychological mark amid easing monetary inflation concerns in the world’s largest economy.
Bitcoin’s (BTC) over two-month downtrend has raised numerous alarms that the current Bitcoin bull cycle may be over, defying the theory of the four-year market cycle.
Despite widespread investor concerns, Bitcoin may be on track to a recovery above $90,000 due to easing inflation concerns in the United States, according to Markus Thielen, the CEO of 10x Research.
“We can see some counter-trend rally as prices are oversold, and there is a good chance that the Fed is mildly dovish,” Thielen told Cointelegraph, adding:
“This is not a major bullish development, rather some fine-tuning from the policymakers. We think BTC will be in a broader consolidation range but we could trade back towards $90,000.”
Bitcoin daily RSI indicator. Source: <a data-ct-non-breakable="null" href="https://x.com/10x_Research/status/1901601551963357671/photo/1" rel="null" target="null"