Analyst Who Predicted Crash Says “Too Early to Buy the Dip”

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Markus Thielen, chief govt officer of 10x Research, on Wednesday made one other dire warning as merchants and buyers look to “buy the dip” after the broader crypto market crash. He is considered one of the first few analysts who has precisely predicted a BTC worth correction to $38,000 post-spot Bitcoin ETF approval, BTC rally to $50,000, and the current crash.

Further Bitcoin and Ethereum Prices Capitulation?

Top analyst Markus Thielen in a newly launched report on March 20 disclosed why they turned bearish on Bitcoin (BTC) and Ethereum (ETH) costs and why it’s too early to purchase the dip.

Along with the analog mannequin, the crypto analysis agency makes use of information, predictive fashions, and goal evaluation to make correct predictions. Based on the present information, $63,000 and $60,000 are key help ranges for Bitcoin. If $60,000 is damaged, BTC worth can crash to the $52,000-54,000 vary.

As CoinGape reported, Markus Thielen predicted BTC worth fall to $63,000, whereas remaining bullish in Bitcoin hitting $150K this yr. Another notable analyst Rekt Capital additionally hinted at a potential correction primarily based on the historic pre-halving reversal patterns.

While Bitcoin, Ethereum, and different altcoins look less expensive at the present degree, Markus Thielen says “It’s still too early to buy in this downturn.” He nonetheless expects Bitcoin to fall under $60,000 earlier than an additional rally. The agency has an upside goal for Bitcoin at $83,000 and $102,000.

“Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets.”

Also Read: Bitcoin (BTC) Faces Potential Pullback, Eyes Mid-to-Upper $50s Retreat

Other Factors Impacting Bitcoin’s Upside Trajectory

Today, the FOMC is ready to announce its financial coverage resolution on price cuts and Fed Chair Jerome Powell to additional information on timing and anticipated price cuts in 2024. CME FedWatch Tool indicates the Federal Reserve to preserve the fed funds price unchanged at 5.25%-5.5% for a fifth consecutive assembly. However, the necessary information is when the Fed is probably going to begin price cuts.

Moreover, choices expiry information for this week signifies merchants are making bets on put contracts at $58,000. The present information signifies sentiment in direction of Bitcoin worth breaking under $61,000. The expiry day will see main liquidation as merchants had been lengthy on Bitcoin.

Meanwhile, Bitcoin futures open pursuits point out a slight soar, however the whole OI stays flat close to $33 billion. Bitcoin sees muted motion as spot Bitcoin ETFs recorded internet outflow of $326 million on Tuesday and pre-market information signifies outflow to proceed this week.

BTC price fell 14% in per week, with the worth at the moment buying and selling at $63,177. The 24-hour high and low are $60,807 and $65,757, respectively. Furthermore, the buying and selling quantity has remained flat in the final 24 hours.

Also Read: $670 Million Liquidated In Crypto As Traders Await Fed Guidance At FOMC