Cryptocurrency analysts indicate that driven by three major macroeconomic favorable factors, Bitcoin is expected to rise to $116,000 by the end of this month.
10x Research's head of research, Markus Thielen, released a report on Thursday (July 3) highlighting three potential factors that could drive Bitcoin (BTC) up this month, stating to Cointelegraph, "I believe $116,000 is achievable."
He mentioned, "Bitcoin is currently testing the top of its consolidation range, and we are in a period where macro favorable factors are intertwining, creating a 'perfect storm'." He pointed out that strong net inflows into spot Bitcoin ETFs, uncertainty in Federal Reserve policies, and a rapid decrease in Bitcoin supply on cryptocurrency exchanges are key factors driving the price up.
According to CoinMarketCap data, if Bitcoin rises to $116,000, it would represent a 6.45% increase from the current price of $108,990, and a 3.60% increase from the current all-time high of $111,970.
He noted that the continuous inflow of funds into spot Bitcoin ETFs has shown strong performance, but after achieving net inflows for 15 consecutive days, there was a net outflow for the first time this Wednesday (July 2), which is considered a positive signal for Bitcoin. The speed of these fund inflows has gradually outpaced price movements, indicating that institutional demand is more driven by macro concerns rather than short-term momentum.
Thielen stated that the political pressure exerted by U.S. President Trump on the Federal Reserve may be a reason for the significant inflow of ETF funds. In April of this year, Trump criticized Federal Reserve Chairman Powell, stating that "the sooner he is fired, the better."
"This kind of rhetoric may have sparked the third wave of Bitcoin ETF accumulation," Thielen added.
According to Farside data, since May 1, U.S. spot Bitcoin ETFs have recorded a net inflow of $9.91 billion, accounting for about 20% of the total inflow since the product's launch in January 2024.
Thielen speculated that Trump might nominate a new Federal Reserve chairman who advocates for loose monetary policy, which would be beneficial for Bitcoin. "It may just be a matter of time before Trump nominates a new Federal Reserve chairman who is more inclined to cut interest rates, reminiscent of Arthur Burns—who fueled inflation in the 1970s by yielding to political pressure."
Thielen also pointed out that Bitcoin balances on cryptocurrency exchanges are "continuously decreasing."
"Exchange balances have declined for 98 consecutive days, marking the longest duration since 2020, and after the last similar pullback period, Bitcoin experienced the previous major bull market," Thielen said.
"Historically, such sustained outflows of funds often signal an increase in scarcity and the accumulation of upward momentum. If this trend continues, Bitcoin may once again see a breakthrough," he added.
Related: Reports indicate that a crypto billionaire was kidnapped and bit off the kidnapper's finger.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) May Reach $116,000 in July, Macro Favorable Factors Brewing a ‘Perfect Storm’”
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