Bittime - 10x Research again predicts that Bitcoin will reach its all-time high next week. This prediction is based on several macroeconomic factors, especially the slowdown in the United States economy.
Looking at US Economic Conditions: Good Sign for Bitcoin?
According to the latest report by 10x Research, the US economy is currently experiencing a slowdown. Several economic indicators show this, such as:
- US Gross Domestic Product (GDP) is just above 1%.
- The ISM (Institute for Supply Management) Manufacturing Index has been in a contraction phase for several months in a row.
- Weak employment conditions have a negative impact on consumer spending.
In addition, the latest report on job vacancies also shows a significant slowdown. The combination of these factors is expected to trigger a decline in inflation in the United States.
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Employment Data and Inflation Reports
US employment data to be released on Friday is the main concern. If the data shows a larger-than-expected decline, it could prompt the Federal Reserve to lower interest rates.
Next week, the inflation report based on the Consumer Price Index (CPI) will also be released. If the report shows an increase in annual inflation below 3.3%, this could trigger a rise in Bitcoin prices to new record highs.
10x Research: Bullish on Bitcoin
10x Research does not hesitate to express their optimism towards Bitcoin. Earlier on May 21, they issued a report entitled “Bitcoin: Multiple Buy Signals Already Active, Don't Miss the Opportunity!”
Then on May 30, 10x Research's headline "Inflation is a Key Driver for Bitcoin" provided a strong basis for Bitcoin's price increase predictions.
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Positive Impact for Other Crypto Ecosystems
Positive predictions for Bitcoin also have an impact on the movement of the crypto market as a whole. Several other tokens experienced significant increases after the predicted price increase from 10x Research, such as:
- Bitget Token (BGB): Up 16% after launching on Bitget Launchpad.
- Kadena (KAS): Up 36% after the launch of KRC20, Kaspa's blockDAG, which requires users to first purchase KAS tokens.
- Binance Coin (BNB): Hits a record high with a market cap of $105 billion.
- Ethernity (ENA): Total Value Locked (TVL) reached $3.1 billion as funding rates increased, driving the ENA token up 10% over the past week.
However, even though 10x Research's predictions have a strong analytical basis, it's important to remember that they are still predictions. Crypto market movements are very volatile and influenced by various factors that are difficult to predict with certainty. 10x Research analysis can be a useful source of information, but it is recommended not to stick to just one source.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Crypto Markets Fluctuate Ahead of Federal Reserve Meeting
Federal Reserve Chair Jerome Powell Indicates Potential Interest Rate Cut
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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