Markus Thielen, CEO of 10x Research, made the statement on Wednesday. He explained what traders and investors are expecting in the wake of the broader collapse in the crypto market. He issued another dire warning to traders as they seek to “buy the dip.” He was one of the first few analysts to correctly predict the BTC price correction to $38,000, BTC rally to $50,000, and the final crash after Spot Bitcoin ETF approval.
Is a bigger drop coming in Bitcoin and Ethereum prices?
In a newly published report on March 20, top analyst Markus Thielen explained why Bitcoin (BTC) and Ethereum (ETH) prices are bearish and why it is too early to buy the dip. Besides the analog model, the crypto research firm uses data, predictive models and objective analysis to make accurate predictions.
Based on current data, $63,000 and $60,000 are the key support levels for Bitcoin. If $60,000 breaks, BTC price will fall to the $52,000-54,000 range. cryptokoin.com As we reported, Markus Thielen predicts that the BTC price will fall to $63,000, while he predicts that Bitcoin will rise to $150,000 this year. Another prominent analyst, Rekt Capital, also hinted at a possible correction based on historical reversal patterns before the halving.
Thielen: Too early to buy from the bottom
Bitcoin, Ethereum and other altcoins remain much cheaper at the current level. But Markus Thielen says, “It is too early to buy in this crisis.” He currently expects Bitcoin to fall below $60,000 before further gains. The firm’s upside target for Bitcoin is $83,000 and $102,000. Additionally, Thielen says:
Technically, we still expect Bitcoin to trade below the 60,000 level before a more meaningful upward attempt begins. Based on previous new high signals, we can paint a rosy picture with upside targets of 83,000 and 102,000.
What are the other factors affecting the BTC price?
Today, the FOMC will announce its monetary policy decision regarding interest rate cuts. Fed Chairman Jerome Powell will provide further guidance on timing and expected rate cuts in 2024. The CME FedWatch Tool shows that the Fed will keep the federal funds rate unchanged at 5.25%. Moreover, this week’s options expiration data shows that investors bet on put contracts at $58,000. Current data shows sentiment for Bitcoin price to break below $61,000. There will be a massive liquidation on expiration day as investors hold long positions in Bitcoin.
Meanwhile, open interest in Bitcoin futures is indicating a slight bounce. However, total OI remains stable at around $33 billion. It was critical that spot Bitcoin ETFs recorded a net outflow of $326 million on Tuesday. It was also noteworthy that pre-market data showed that the rise would continue this week. Due to these clauses, Bitcoin is seeing a quiet movement.
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