Markus Thielen Markus from 10x Research said that a correction in Bitcoin price is expected due to the weak market structure. As an indicator, he even predicts that the BTC price will drop to $30,000. CryptoQuant CEO Ku Young Ju stated that new Bitcoin whales and spot ETF buyers are now underwater.
Is Bitcoin heading towards collapse?
Markus Thielen, who was successful in his previous predictions, shared his predictions after the latest fluctuation. The analyst expects a correction in Bitcoin price due to weak market structure. Thielen first predicts a Bitcoin drop in the 52,000-55,000 range. cryptokoin.comAs you follow from, BTC price dropped to $56,552 due to Fed rate concerns. The analyst also points out a metric that shows that the BTC price will drop to $ 30,000.
The analyst explains that his clients closed long positions at 68,300. He states that some even took a short position in the BTC price. Thielen said, “We were expecting a serious Bitcoin correction. All the signs were there that the Bitcoin bull market was losing momentum. “Now everyone is asking how steep the drop will be,” he adds.
The indicator predicts a drop to $30,000 for BTC
The current situation in the Bitcoin market is quite interesting. Because the BTC price is currently hovering around the average purchase price of spot Bitcoin ETF buyers. The cryptocurrency is hovering between approximately $57,000 and $58,000. The average BTC ETF buyer is currently underwater. Additionally, institutional investors are struggling to justify allocating more capital to BTC ETFs.
Without an immediate catalyst, portfolio managers are being questioned about BTC ETF exposure limits, despite BlackRock leading the BTC ETF. Because investors are at a slight loss. Spot Bitcoin ETF saw its worst sell-off of $550 million on Wednesday. Additionally, exits continue every day. Markus Thielen highlights an indicator that predicts a much lower BTC price. The indicator predicts a decline to $30,000.
Peter Brandt’s drop prediction is 40 thousand dollars!
Meanwhile, experienced trader Peter Brandt also predicts further declines. However, the level pointed out by Markus Thielen is lower than Brandt predicted in his BTC price prediction. Brandt said that Bitcoin risks falling to the $40 level.
Bitcoin whales and spot ETF buyers are underwater!
CryptoQuant CEO Ku Young Ju said new BTC whales and spot ETF buyers are now underwater. Ku Young Ju predicts a maximum pain near the $51,000 level. However, TradFi recommends buying the dip as it is a rare chance to beat the whales.
BTC price increased by 1% in the last 24 hours. The leading cryptocurrency is currently trading at $58,740. The 24-hour low and high price are $56,592 and $59,389 respectively. Additionally, trading volume has seen a 9% drop in the last 24 hours. This showed that the interest among traders was decreasing.
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