Bitcoin ETF

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Markus Thielen, chief executive officer of 10x Research, on Saturday predicted Bitcoin price risks dropping to $63,000 amid new cautious outlook. He also said meme coins mania has now ended and investors must look to book profits. He is one of the first few analysts who accurately predicted a BTC price retracement to $38,000 post-spot Bitcoin ETF approval.
<h2 id="bitcoin-and-ethereum-prices-can-retrace-further">Bitcoin and Ethereum Prices Can Retrace Further</h2>
Top analyst Markus Thielen in a newly released report disclosed reasons behind the recent fall in <a href="https://coingape.com/crypto-market-selloff-top-reasons-why-bitcoin-eth-xrp-ada-shib-crash-today/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin and Ethereum prices</a>. The concerns related to upcoming correction were evident due to the weak Bitcoin market structure after Bitcoin rallied to new ATH amid low trading volumes and liquidity.
Unpredictable market and volatility amid US <a href="https://coingape.com/breaking-us-ppi-inflation-rises-more-than-expected-in-february/" target="_blank" rel="noopener noreferrer nofollow">inflation</a> and jobs data, <a href="https://coingape.com/microstrategy-taps-8b-in-trading-volume-outstrips-amazon/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy</a> shares trading at 60-90% overvalued relative to its Bitcoin holdings and returns indicated high odds of correction. Moreover, central bank&nbsp;officials are reluctant to rate cuts further dampening market sentiment.
Markus Thielen predicts BTC price fall to $63,000 before resuming further rally amid slow spot Bitcoin ETF inflows despite low GBTC selling. Other analysts have also made similar <a href="https://coingape.com/top-analyst-predicts-bitcoin-dip-below-61k-but-there-a-condition/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price predictions</a> indicating further fall before bitcoin halving.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1791b930-e301-4754-9e3b-9b8a76b0e4fe/image.png?t=1710568075" alt="" width="648" height="355">
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 Source: 10X Research
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Meanwhile, Ethereum is also showing fundamental weakness after the <a href="https://coingape.com/ethereum-eth-price-tanks-7-8-a-day-after-dencun-upgrade-next-support-level/" target="_blank" rel="noopener noreferrer nofollow">Dencun upgrade</a>, with Layer 2 chains to dilute Ethereum’s yield. In addition, odds of <a href="https://coingape.com/spot-ethereum-etf-what-are-the-chances-of-approval-in-may/" target="_blank" rel="noopener noreferrer nofollow">spot Ethereum ETF</a> approval at 30% and weak technical chart patterns shows a consolidation or a further pullback in ETH price.
<a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> currently trades at $3,730, down 0.5% in the last 24 hours and 6% in a week. The trading volume has dropped by 25% in the past 24 hours.
Also Read: <a href="https://coingape.com/bitcoin-etf-records-2-5b-weekly-inflows-btc-price-correction-looms-near-fomc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Records $2.5B Weekly Inflows, BTC Price Correction Looms Near FOMC?</a>
<h2 id="meme-coins-rally-has-topped">Meme Coins Rally Has Topped</h2>
Bitcoin ETFs continue to provide support driven by confident buying&nbsp;by&nbsp;BlackRock&nbsp;clients, which also triggered rally in meme coins, especially <a href="https://coingape.com/markets/shiba-inu-price-eyes-rally-to-0-00005-after-this-final-pullback/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a>. South Korea’s trading volume increased in last few weeks, but most of the trading volume has now faded.
In fact, altcoin rallies are closely tied to Ethereum’s bullish momentum. With rising uncertainty, altcoins including meme coins may have reached a short-term peak and prices risks falling. Also, South Korea’s meme coin trading volume drop hints at end of meme coin mania and start of a broader correction.
CoinGape recently reported that a whale dumped 1 trillion <a href="https://coingape.com/shiba-inu-whale-dumps-1-tln-shib-price-takes-bearish-turn-what-next/" target="_blank" rel="noopener noreferrer nofollow">SHIB</a> tokens to a crypto exchange amid broader market selloff.
Also Read: <a href="https://coingape.com/bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin SOPR Data Shows Major BTC Price Consolidation for March</a>
The post <a href="https://coingape.com/top-analyst-predicts-bitcoin-price-correction-63k-best-time-sell-meme-coins/" rel="noopener noreferrer nofollow">Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins

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