[Analysis] "Macroeconomic catalysts forming... Bitcoin could reach $116,000 this month"

An analysis suggests that the price of Bitcoin (BTC) could surpass $116,000 this month.

Markus Thielen, Head of Research at global research firm 10x Research, told Cointelegraph on the 3rd (local time), "Macroeconomic catalysts are forming, and Bitcoin is testing its upper range," adding, "(Bitcoin's price) could reach $116,000 this month."

What Thielen focused on was the capital inflow into US spot Bitcoin exchange-traded funds (ETFs). After recording net inflows for 15 consecutive trading days, spot Bitcoin ETFs turned to net outflows as of the previous day (the 2nd). Thielen stated, "Such (ETF) capital flows are preceding price movements," and added, "Recent political pressure by US President Donald Trump on the Fed may be a reason for the surge in inflows." He further noted, "It's likely only a matter of time before President Trump nominates a new Federal Reserve chair who favors rate cuts."

He also mentioned the ongoing decline in Bitcoin balances on cryptocurrency exchanges. Thielen analyzed, "(Exchanges') Bitcoin balances have now decreased for 98 consecutive days," and "Such sustained outflows suggest increasing scarcity and upward price pressure for (Bitcoin)." He concluded, "If these patterns persist, Bitcoin could establish another breakthrough."

Meanwhile, as of 3:22 p.m. that day, Bitcoin was trading at $109,460.63 on CoinMarketCap, up 2.45% from the previous day.