On August 26th, 10x Research said in its latest analysis: "Last week, we predicted that Bitcoin will break out of the symmetrical triangle pattern and will rebound to $65,000. Our forecast has already generated a 9% return, and the price is approaching this target. We are in a dynamic, it-and-run market environment where fast, strategic trading can generate significant gains. At this stage, accurate forecasting of macroeconomic events is critical to capitalizing on opportunities as long as Bitcoin continues to trade within a broad sideways range.
The FOMC meeting notes released last Wednesday were expected to be dovish, with Federal Reserve Chairperson Jerome Powell likely to highlight the weakness in the labor market. Both developments were expected to be interpreted as dovish, driving Bitcoin's surge. Our predictions were correct.
We also highlighted Bitcoin's poor performance compared to the Nasdaq index, which has been flat. The market's attention is now turning to Nvidia's upcoming earnings and financial forecasts, with potential volatility in option pricing of +/- 8%, similar to the volatility observed after the last earnings release. From a technical perspective, Bitcoin's rally last week is a textbook example, supported by macroeconomic developments and cross-market analysis. "
10X Research: In today's it-and-run market environment, accurate forecasting of macroeconomic events is essential
2024-08-26 02:09:28
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