Markus Thielen, head of research at 10x Research, said that the bitcoin price is on track for a breakout before the Federal Reserve Open Market Committee (FOMC) meeting at the end of January. The current bitcoin price is at $96,794, and this breakout could go up or down. Thielen noted in his January 14 market report that bitcoin is trading within a narrowed triangle, indicating that a breakout is imminent and is not expected to come later than the January 29 FOMC meeting. From a trading perspective, the best strategy is to follow the breakout direction. He added that Bitcoin is likely to remain range-bound until mid-March due to weak market drivers. According to CME Fed Watch Tool data, Fed funds futures market traders expect a 38.3% probability that the Fed will not cut rates in the first half of 2025.