Bitcoin began to decline before the halving, which has long been considered the biggest event that has been eagerly awaited.
While analysts pointed out that this decline was due to different reasons, including the historical decline before the halving, the re-pricing of US Fed interest rate cut expectations and on-chain data, an assessment came from 10x Research CEO Markus Thielen.
At this point, Markus Thielen stated that the economic data to be announced next week for Bitcoin is more important than the halving.
What is the Level to Follow in Bitcoin?
Pointing out to his customers that important support levels were broken in Bitcoin and Ethereum after the last correction, Markus Thielen said in his new report that the economic data to be announced next week will overshadow the effect of the Bitcoin halving.
“Although growth, inflation and changes in central bank policies have not affected Bitcoin crypto prices over the last twelve months, these macro factors are now again the most critical factors.
“These economic data continue to be more important than the expected halving.”
Thielen also said that he predicted that the BTC price would drop to $62,000 and the ETH price would drop to $3,100 due to the lack of transaction volume.
The analyst also pointed out that $68,330 for Bitcoin and $3,460 for Ethereum are critical levels and said that investors should follow these levels.
*This is not investment advice.
