10x Research: We are currently in a hit-and-run market environment, accurately predicting macroeconomic events is crucial

In its latest analysis, 10x Research stated: "Last week, we predicted that Bitcoin would break through the symmetrical triangle pattern and rebound to $65,000. Our prediction has yielded a return of 9%, with the price nearing this target. We are in a dynamic, hit-and-run market environment where quick, strategic trades can generate significant returns. At this stage, as long as Bitcoin continues to trade within a broad sideways range, accurately predicting macroeconomic events is crucial for seizing opportunities.

We had previously anticipated that the minutes from last Wednesday's Federal Open Market Committee meeting would be mild and Fed Chairman Powell might emphasize labor market weakness. Both developments were expected to be interpreted dovishly and thus drive up Bitcoin prices. Our predictions were correct. We also highlighted that Bitcoin underperformed compared to the Nasdaq index which remained flat. The market's attention is now shifting towards Nvidia's upcoming earnings release and financial forecast; options pricing suggests potential volatility of +/-8%, similar to fluctuations observed after their last earnings release. From a technical perspective, last week’s rise in Bitcoin was textbook-like example supported by macroeconomic developments and cross-market analysis."