A new evaluation came from 10X research founder Markus Thielen, who came to the fore with his successful prediction of the declines and rises in Bitcoin in the past months.
At this point, evaluating the impact of this week's PPI and CPI data on the BTC price, Thielen stated that these data will affect the BTC price.
Thielen said that investors expect there to be a significant movement and fluctuation in the Bitcoin price by the end of the week.
Stating that investors expect a +/-6% movement in the Bitcoin price this week due to the impact of PPI and CPI data, the analyst said that the implied volatility, which is currently priced at 52.8% compared to the rate of 50.8% in other maturities, means that the market is ready for a big move. He stated that it showed that he literally did not expect it.
Thielen argued that the price of Bitcoin is not considered expensive because although implied volatility is high, realized volatility is trading just under 50%.
At this point, according to volatility data, Thielen signaled that he did not expect a significant decrease in the BTC price and emphasized that Bitcoin is currently testing the support level between 60,800 and 61,400 dollars.
Thielen, however, stated that he expects the price to fall if Bitcoin falls below this support range and added that these levels are critical for BTC.
Finally, Markus Thielen emphasized that the average entry price of spot Bitcoin ETF buyers is around $ 57,000 and claimed that a drop below $ 60,000 would probably cause significant concerns among these investors and there may be panic sales.
Bitcoin continues to trade at $61,599 at the time of writing.
*This is not investment advice.