Markus Thielen, chief government officer of 10x Research, on Wednesday made one other dire warning as merchants and buyers look to “buy the dip” after the broader crypto market crash. He is one in every of the first few analysts who has precisely predicted a BTC value correction to $38,000 post-spot Bitcoin ETF approval, BTC rally to $50,000, and the latest crash.
Further Bitcoin and Ethereum Prices Capitulation?
Top analyst Markus Thielen in a newly launched report on March 20 disclosed why they turned bearish on Bitcoin (BTC) and Ethereum (ETH) costs and why it’s too early to purchase the dip.
Along with the analog mannequin, the crypto analysis agency makes use of knowledge, predictive fashions, and goal evaluation to make correct predictions. Based on the present knowledge, $63,000 and $60,000 are key help ranges for Bitcoin. If $60,000 is damaged, BTC value can crash to the $52,000-54,000 vary.
As CoinGape reported, Markus Thielen predicted BTC value fall to $63,000, whereas remaining bullish in Bitcoin hitting $150K this yr. Another notable analyst Rekt Capital additionally hinted at a doable correction primarily based on the historic pre-halving reversal patterns.
While Bitcoin, Ethereum, and different altcoins look less expensive at the present stage, Markus Thielen says “It’s still too early to buy in this downturn.” He nonetheless expects Bitcoin to fall under $60,000 earlier than an extra rally. The agency has an upside goal for Bitcoin at $83,000 and $102,000.
“Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets.”
Also Read: Bitcoin (BTC) Faces Potential Pullback, Eyes Mid-to-Upper $50s Retreat
Other Factors Impacting Bitcoin’s Upside Trajectory
Today, the FOMC is about to announce its financial coverage resolution on price cuts and Fed Chair Jerome Powell to additional information on timing and anticipated price cuts in 2024. CME FedWatch Tool indicates the Federal Reserve to maintain the fed funds price unchanged at 5.25%-5.5% for a fifth consecutive assembly. However, the essential knowledge is when the Fed is probably going to begin price cuts.
Moreover, choices expiry knowledge for this week signifies merchants are making bets on put contracts at $58,000. The present knowledge signifies sentiment in direction of Bitcoin value breaking under $61,000. The expiry day will see main liquidation as merchants had been lengthy on Bitcoin.
Meanwhile, Bitcoin futures open pursuits point out a slight leap, however the whole OI stays flat close to $33 billion. Bitcoin sees muted motion as spot Bitcoin ETFs recorded internet outflow of $326 million on Tuesday and pre-market knowledge signifies outflow to proceed this week.
BTC price fell 14% in per week, with the value at the moment buying and selling at $63,177. The 24-hour high and low are $60,807 and $65,757, respectively. Furthermore, the buying and selling quantity has remained flat in the final 24 hours.
Also Read: $670 Million Liquidated In Crypto As Traders Await Fed Guidance At FOMC
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