10x Research Deems Bitcoin’s Bullish Impulse ‘Premature’
- Bitcoin faces resistance at $84,000 and $96,000, with support at $80,000.
- The growth of the global money supply sets the stage for a potential bull run.
- In the short term, recession fears in the US economy could pressure prices.
Anticipating a bullish impulse in the leading cryptocurrency is premature due to the risk of renewed selling driven by recession fears, according to a report by 10x Research.
Experts highlighted the widening credit spreads in the corporate bond market, indicating a deeper penetration of economic downturn concerns.
“The 90-day tariff truce was a clear attempt to stabilize the rapidly rising yield of US Treasuries. Given the conditions for a return to recent highs, this move seems to have failed. This suggests market skepticism and the limitations of such short-term interventions,” the document states.
Marcus Thielen, Head of Research at 10x Research, told Cointelegraph about the positive long-term effects of a recession for digital gold due to the subsequent easing of monetary policy by the Federal Reserve.
“Bitcoin is usually sold off initially when China devalues or the Fed cuts rates, as the first such move may not be strong and also confirms economic weakness,” he explained.
Futures market traders are betting on the first easing of Fed monetary policy at the June 18 meeting with an 89.4% probability.
According to Thielen, when credit spreads “begin to widen,” Bitcoin historically faces greater downward pressure and requires more time to recover.
An additional bearish factor in the short term is currency devaluation. Over the past five days, the US dollar index DXY plummeted by 3.52%.
Technical Outlook
According to CryptoQuant, Bitcoin may encounter resistance at $84,000. If surpassed, the next target is $96,000. Analysts suggest the lower boundary for the cryptocurrency’s price fluctuations will be around $80,000.
Bill Barhydt, CEO of Abra Global, highlighted the sharp increase in the global money supply. He is confident that Bitcoin will reach $130,000-140,000 by the end of June.
Bitcoin: 130-140k
altcoins: significantly higher gains
tech stocks…It oughtta be a A mid summer night’s dream. pic.twitter.com/5IWWHlLajc
— Bill Barhydt (@billbarX) April 10, 2025
Previously, Real Vision’s chief analyst Jamie Coates also identified June as a target for the first cryptocurrency’s price rally, during which it will reach a new all-time high.
Former BitMEX CEO Arthur Hayes stated that new US tariffs could trigger a capital shift into digital gold.
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