Bitcoin is poised for a breakout before the end of January, according to Markus Thielen from 10x Research, though its price could rise or fall from its current level of $96,794. Thielen notes that Bitcoin is trading within a narrowing triangle, indicating an imminent breakout likely by the date of the Federal Open Market Committee (FOMC) meeting on January 29. He suggests that traders should follow the breakout direction, regardless of its outcome. Expectations for a higher Consumer Price Index number may influence Bitcoin's movement, especially if inflation data comes in cooler than expected, potentially triggering a rally. As the FOMC meeting approaches, traders anticipate a hawkish stance from the Fed, following recent comments from Fed chair Jerome Powell. Thielen remains cautious about Bitcoin's price behavior as Donald Trump prepares for his presidential inauguration on January 20, predicting a consolidation phase for Bitcoin in the following months. This outlook aligns with analyses indicating Bitcoin's price action mirrors situations from previous presidential elections.

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