$BTC Bitcoin could reach 116,000 dollars in July amid a "perfect storm" of macroeconomic catalysts

Markus Thielen, head of research at 10x Research, points to three factors that could drive the price of Bitcoin to new highs by the end of July.

Bitcoin could reach 116,000 dollars by the end of this month, as three macroeconomic factors become favorable for the asset, according to a cryptocurrency analyst.

"I believe that 116,000 dollars is possible," said Markus Thielen, head of research at 10x Research, to Cointelegraph after highlighting the three factors that could help boost the price of Bitcoin

BTC

93,356 €

this month in a report published on Thursday.

Bitcoin is testing the upper limit of the range, and it may continue to rise

"Bitcoin is testing the upper limit of its consolidation range, just as a perfect storm of macroeconomic catalysts begins to form," he stated, pointing to the strong surge in inflows into the Bitcoin spot exchange-traded funds (ETFs), the uncertainty of the U.S. Federal Reserve, and the rapid decline in the supply of Bitcoin on cryptocurrency exchanges.

According to data from CoinMarketCap, a move of Bitcoin to 116,000 dollars would represent a 6.45% increase from its current price of 108,990 dollars and a 3.60% increase from its current all-time high of 111,970 dollars.