Bitcoin is unlikely to break above its all-time high in the near term, according to 10x Research founder Markus Thielen, although the cryptocurrency could still stage a significant rally. Thielen identified $100,000 as a critical psychological threshold and said reaching it would be a major achievement even without setting a new record. He made the comments in an interview cited by Cointelegraph. Macroeconomic conditions, global liquidity, interest-rate policy and institutional investor participation remain key factors shaping Bitcoin's direction, meaning past market-cycle gains alone may not determine its next move.