Reserve

Cryptocurrency

2024

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Markus Thielen of 10x Research predicts a significant price correction in the stock and cryptocurrency markets.</li>
 <li>Bitcoin’s price drop is attributed to decreasing expectations for an interest rate cut.</li>
</ul>
<p>Markus Thielen, the founder of 10x Research, has expressed his concern that the stock and cryptocurrency markets are on the verge of a significant price correction.</p>
<p>Thielen’s sentiment is based on persistent inflation, diminishing rate cuts, and a rising bond yield.</p>
<h2 id="bitcoin-s-price-drop">Bitcoin’s Price Drop</h2>
<p>Bitcoin’s price has experienced a 9.3% decrease during the week, trading above $63,400 as of 9:15 am UTC.</p>
<p>The decline in Bitcoin’s value is attributed to the dwindling expectations of an impending interest rate cut.</p>
<p>Traders are now expecting rates to remain unchanged, with 99% of market participants predicting that the Federal Reserve will maintain the current interest rates of 5.25% to 5.50%.</p>
<p>Thielen also revealed that his company sold all its tech stocks at the start of Monday’s trading session.</p>
<p>The company now only holds a few high-conviction crypto coins, reflecting a bearish stance on risk assets.</p>
<h2 id="is-bitcoin-overheated">Is Bitcoin Overheated?</h2>
<p>A key technical indicator suggests that Bitcoin may be “overbought”.</p>
<p>On the weekly chart, Bitcoin’s relative strength index (RSI) stands at 67, implying that the asset could be overheated.</p>
<p>However, Bitcoin’s RSI has significantly cooled from its 2024 high of 88, reached on March 24.</p>
<p>As the upcoming Bitcoin halving approaches, investor focus has shifted, prompting long-term holders to start selling and moving assets off exchanges.</p>
<p>According to a Bitfinex research report, if short-term holders continue to absorb the supply, Bitcoin’s price may see a recovery.</p>
<p>The report notes a shift in the Bitcoin investor base, with new entrants absorbing the supply sold by Long-Term Holders.</p>
<p>This dynamic could indicate room for further price growth if it persists.</p>

10x Research Predicts Potential Major Downturn for Stocks and Cryptocurrency

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