Markus Thielen, CEO of 10x Research, one of the analysts who correctly predicted that BTC would correct after the SEC's approval of spot Bitcoin ETFs and that this correction would go up to $ 38,000, made a new analysis.
Accordingly, Thielen said that it is too early for traders and investors to “buy the dip” following the widespread collapse in the crypto market.
In his new report, Markus Thielen explained why they expect a decline in Bitcoin and Ethereum (ETH) prices and why it is too early for investors to buy the decline.
Stating that, according to current data, $ 63,000 and $ 60,000 are the main support levels for Bitcoin, the analyst said that if BTC falls below $ 60,000, the price may fall to the range of $ 52,000-54,000.
According to the analyst, although Bitcoin, Ethereum and other altcoins look very cheap at their current levels, it is too early to buy the dip.
“Although prices seem very cheap compared to their previous highs, it is too early to buy in this crisis.
Because there is a possibility that Bitcoin will fall below $ 60,000 before further rises. Technically, we still expect Bitcoin to trade below the 60,000 level before a more meaningful upward attempt begins. If $60,000 breaks, Bitcoin could drop to $52,000/54,000.
Although we expect a decline in the short term, our upside targets for Bitcoin remain unchanged based on previous signals of new highs. “Our targets of $83,000 and $102,000 are still valid for BTC.”
Finally, the analyst added that the reason why they expect a decline in Ethereum is that the possibility of spot ETH ETF approval has decreased.
*This is not investment advice.