While the decline in Bitcoin continues below $ 60,000, some analysts think that the bottom has come and the rise will begin soon, while some analysts think that the decline may deepen.
At this point, 10x Research founder Markus Thielen, known for his accurate predictions, predicted that the correction in BTC could continue.
Stating that the market showed weakness in his last report, Thielen claimed that technical indicators in Bitcoin indicate that the correction may continue.
“We were expecting a serious correction in Bitcoin and most of our clients closed their long positions at 68,300, some even took short positions.
There were all signs that the Bitcoin bull market was losing momentum and we had a correction. Now everyone is asking how steep the drop will be.
However, some indicators show that the correction in Bitcoin will continue and may go up to $ 30,000.
Additionally, spot Bitcoin ETF buyers are now inundated. BTC price is below the entry price of many ETF buyers.
This prevents many institutional investors from allocating more capital to ETFs without a sudden bullish catalyst such as the halving. As a result, the BTC price cannot rise because there is no new capital inflow.”
*This is not investment advice.