Article Title: Analyst Who Predicted January Drop Makes Frightening Bitcoin Prediction
In the past 24 hours, the Bitcoin and cryptocurrency markets have experienced a significant collapse. The price of Bitcoin dropped below $60,000, resulting in a total loss of $200 billion from the cryptocurrency market since July 1.
This decline in Bitcoin has also affected the altcoin market, with Ethereum (ETH) being an exception as it increased by 4.5% in the last 24 hours. Other altcoins such as Solana (SOL) increased by 7.5%, Telegram-linked Toncoin (TON) by 7.3%, BNB fell by 5.9%, and Dogecoin (DOGE) by 7.6%.
Amidst this decline, Markus Thielen, the founder of 10x Research, has made a frightening prediction. Based on his analysis, Thielen expects Bitcoin to fall to $50,000, with a potential drop below $57,000. He believes that the recent declines indicate a significant market change, with a decrease in purchasing flows and an acceleration in sales flows.
Thielen points out that the data from the beginning of June indicated that the market was ready for a correction. He predicts that the sell-off, coinciding with the Gox repayments, could further accelerate as support levels are broken, leading to a further decline in price.
According to Thielen, Bitcoin is currently breaking key technical and psychological levels at $60,000. This level is crucial for Bitcoin miners and BTC ETF buyers, and it generally marks the bottom (support) of the three-month trading range. If the support is broken, Thielen expects a sharp decline towards $50,000.
In addition to Thielen, Alex Kuptsikevich, a senior market analyst at FxPro, also predicted a decline for Bitcoin. He stated that the BTC price touched the lower border of the descending channel and fell below the 200-day SMA. Kuptsikevich believes that in the short term, Bitcoin’s price may drop to $51,500.
It is important to note that these predictions are not investment advice. However, they highlight the current market sentiment and the potential risks involved in the cryptocurrency market.
