Markus Thielen, chief executive officer of 10x Research, on Wednesday made another dire warning as traders and investors look to “buy the dip” after the broader crypto market crash. He is one of the first few analysts who has accurately predicted a BTC price correction to $38,000 post-spot Bitcoin ETF approval, BTC rally to $50,000, and the recent crash.

Further Bitcoin and Ethereum Prices Capitulation?

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

Along with the analog model, the crypto research firm uses data, predictive models, and objective analysis to make accurate predictions. Based on the current data, $63,000 and $60,000 are key support levels for Bitcoin. If $60,000 is broken, BTC price can crash to the $52,000-54,000 range. 

As CoinGape reported, Markus Thielen predicted BTC price fall to $63,000, while remaining bullish in Bitcoin hitting $150K this year. Another notable analyst Rekt Capital also hinted at a possible correction based on the historical pre-halving reversal patterns.

While Bitcoin, Ethereum, and other altcoins look much cheaper at the current level, Markus Thielen says “It’s still too early to buy in this downturn.” He still expects Bitcoin to fall below $60,000 before a further rally. The firm has an upside target 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 set to announce its monetary policy decision on rate cuts and Fed Chair Jerome Powell to further guide on timing and expected rate cuts in 2024. CME FedWatch Tool indicates the Federal Reserve to keep the fed funds rate unchanged at 5.25%-5.5% for a fifth consecutive meeting. However, the important data is when the Fed is likely to start rate cuts.

Moreover, options expiry data for this week indicates traders are making bets on put contracts at $58,000. The current data indicates sentiment towards Bitcoin price breaking below $61,000. The expiry day will see major liquidation as traders were long on Bitcoin.

Source: Deribit

Meanwhile, Bitcoin futures open interests indicate a slight jump, but the total OI remains flat near $33 billion. Bitcoin sees muted action as spot Bitcoin ETFs recorded net outflow of $326 million on Tuesday and pre-market data indicates outflow to continue this week.

BTC price fell 14% in a week, with the price currently trading at $63,177. The 24-hour low and high are $60,807 and $65,757, respectively. Furthermore, the trading volume has remained flat in the last 24 hours.

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

The post Top Analyst Who Predicted Bitcoin Crash Says “Too Early to Buy the Dip” appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am