Analyst Predicting Collapse Says “It’s Too Early to Take the Bottom”
Markus ThielenThe CEO of 10x Research issued another dire warning Wednesday as traders and investors look to “buy the dip” in the wake of the broader collapse in the crypto market. 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.
More Capitulation 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.
In addition to 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 may drop to the $52,000-54,000 range.
As parofix 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.
Although Bitcoin, Ethereum and other altcoins look much cheaper at the current level, 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.
So read: Bitcoin (BTC) Faces Potential Pullback, Eyes on Pullback Between Mid-Upper $50s
Other Factors Affecting Bitcoin’s Rise
Today, the FOMC will announce its monetary policy decision on interest rate cuts, and Fed Chairman Jerome Powell will provide further guidance on the timing and expected rate cuts in 2024. The CME FedWatch Tool shows the Federal Reserve will keep the federal funds rate unchanged at 5.25%. 5.5% for the fifth meeting in a row. However, the important data is when the Fed will start reducing interest rates.
Additionally, this week’s options expiration data shows investors betting on put contracts at $58,000. Current data shows sentiment for Bitcoin price to break below $61,000. As investors have long positions in Bitcoin, there will be a massive liquidation on maturity day.
Source: Deribit
Meanwhile, Bitcoin futures open interest is showing a slight bounce but total OI remains steady around $33 billion. Bitcoin is seeing a muted move as spot Bitcoin ETFs recorded a net outflow of $326 million on Tuesday and pre-market data suggests the outflow will continue this week.
BTC price dropped 14% in a week and the price is currently trading at $63,177. The 24-hour low and high are $60,807 and $65,757 respectively. Additionally, transaction volume remained flat in the last 24 hours.
Also Read: $670 Million in Crypto Liquidated as Investors Wait for Fed Guidance at FOMC
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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