10x Research: In the current hit-and-run market environment, accurate prediction of macroeconomic events is crucial

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ODAILY
08-26
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Odaily Odaily News 10x Research said in its latest analysis: "Last week, we predicted that Bitcoin would break out of the symmetrical triangle pattern and rebound to $65,000. Our forecast has generated a 9% return and the price is approaching this target. We are in a dynamic, hit-and-run market environment, and fast, strategic trading can generate significant returns. At this stage, as long as Bitcoin continues to trade in a broad sideways range, accurately predicting macroeconomic events is critical to taking advantage of opportunities. We had expected the Federal Open Market Committee minutes released last Wednesday to be dovish, and Fed Chairman Powell would likely highlight the weakness in the labor market. Both developments were expected to be interpreted as dovish, driving a surge in Bitcoin. Our predictions were correct. We also highlighted Bitcoin's underperformance compared to the Nasdaq, which has been flat. The market's attention is now turning to Nvidia's upcoming earnings and financial forecasts, and options are pricing in a potential volatility of +/-8%, similar to the volatility observed after the last earnings release. From a technical perspective, Bitcoin's rise last week is a textbook example of being supported by macroeconomic developments and cross-market analysis."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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