Bitcoin unlikely to hit new all-time high soon, says 10x Research founder

Bitcoin is unlikely to break above its current all-time high in the near term, according to Markus Thielen, founder of crypto research firm 10x Research. In a recent interview, Thielen noted that while the cryptocurrency could still stage a sizable rally, the path to a new record remains challenging.

Why $100,000 is a key milestone

Thielen highlighted $100,000 as an important psychological and technical level for Bitcoin. He described it as a major achievement in itself, suggesting that even approaching this price point would represent a significant market event. As of now, Bitcoin trades well below its March 2024 peak of around $73,000, and market conditions have shifted since then.

The founder’s cautious outlook comes amid a period of consolidation for the leading cryptocurrency. After a strong rally earlier in the year, Bitcoin has struggled to maintain momentum, facing resistance at higher price levels. Thielen’s remarks align with a broader sentiment among some analysts who see limited upside in the short term, despite ongoing institutional interest and positive regulatory developments.

Market context and analyst views

Several factors contribute to the tempered expectations. Macroeconomic uncertainty, including interest rate policies and inflation data, continues to influence risk assets like Bitcoin. Additionally, the crypto market has seen reduced volatility, which often precedes significant price moves but also indicates a lack of strong directional conviction.