Crypto News: Analyst Predicts Impact of Critical US Data on Bitcoin
Markus Thielen, the founder of 10x Research, has released his latest analysis on Bitcoin. In recent news, Bitcoin experienced a significant drop below the $60,000 support level, falling to below $54,000. However, it quickly rebounded and rose above $57,000. Thielen accurately predicted this decline and now shares his short and medium-term expectations for Bitcoin.
According to Thielen, Bitcoin has reached its target decline of $55,000. He believes that a rally is possible in the short term as Bitcoin appears to be oversold. Furthermore, Thielen suggests that macroeconomic events next week could support this rally. In particular, he mentions the potential approval of the spot Ethereum ETF by the SEC, stating that this could trigger positive momentum in the market.
Despite these positive expectations for the short term, Thielen does not see the current developments as a significant buying opportunity in the medium term. He believes that the initial downside target has been reached and that the rally may be temporary.
Thielen also highlights some data regarding Bitcoin’s recent decline. In June, Bitcoin experienced a 20% decrease, with 13% of the decline occurring during Asian trading hours. Similarly, Ethereum fell 22%, with 16% of the decline happening during Asian trading hours. Thielen notes that this shows the liquidation of many retail traders in Asia and highlights the potential risks for retail investors in the Asian market.
It is important to note that this article should not be taken as investment advice. To invest in cryptocurrencies, you can register with Binance exchange with a 20% COMMISSION DISCOUNT.
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