Bitcoin ETF

Bitcoin

Shiba Inu

Markus Thielen, one of the top crypto analysts, on Thursday said Bitcoin price correction was expected amid weak market structure. Thielen predicted a Bitcoin crash to a range of 52,000-55,000, and BTC price fell to a low of $56,552 due to the <a href="https://coingape.com/why-bitcoin-price-dropped-today-when-will-it-recover/" target="_blank" rel="noopener noreferrer nofollow">Fed</a> rate jitters. He revealed an indicator that even forecasts a further drop in BTC price to $30,000.
<h2 id="is-bitcoin-price-moving-towards-a-crash">Is Bitcoin Price Moving Towards A Crash?</h2>
Markus Thielen, CEO of crypto research firm <a rel="noopener noreferrer nofollow" href="https://mail.10xresearch.co/p/bitcoin-indicator-predicting-crash" target="_blank">10x Research</a>, has pointed out an indicator predicting a BTC price crash to $30,000. In a new report for clients, he revealed that their clients have closed out longs at 68,300 or some even went short on Bitcoin price.
“We have been expecting a severe Bitcoin correction. The signs were all there that the Bitcoin bull market was losing momentum. Now everybody is asking how steep the fall will be,” he added.
The current situation in the Bitcoin market is quite intriguing, as BTC price currently hovers around the average purchase price of buyers of spot Bitcoin ETFs, ranging from approximately $57,000 to $58,000. The average Bitcoin ETF buyer is now underwater and institutional investors struggle to justify allocating more capital to Bitcoin ETFs.
Without an immediate catalyst, despite BlackRock leading the Bitcoin ETF, portfolio managers are questioned about Bitcoin ETF risk limits as investors are at a slight loss. <a href="https://coingape.com/u-s-bitcoin-etf-outflows-surge-past-560-million/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a> saw the worst selloff of $550 million on Wednesday, with outflows continuing daily.
Markus Thielen highlighted an indicator predicting a much lower Bitcoin price, price fluctuations and trends are almost accurate by the indicator.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GMj9I6Na0AArGMW?format=jpg&amp;name=small" alt="Image">
The indicator predicts a crash to $30,000, which is lower that what veteran trader <a href="https://coingape.com/crypto-prices-dip-may-1-why-bitcoin-price-risks-crashing-45-49k/" target="_blank" rel="noopener noreferrer nofollow">Peter Brandt</a> predicted in his BTC price prediction. He said Bitcoin risks falling to a higher $40s level.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Perhaps dip into high 40s, then bull resumes
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1785472622542848389?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="btc-price-trades-at-58k">BTC Price Trades at $58K</h2>
CryptoQuant CEO Ku Young Ju said new Bitcoin whales and spot ETF buyers are now underwater. He predicts a max pain near the $51,000 level, but suggests buying the dip as may be a rare chance to beat TradFi whales.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GMkH5lnbMAAY8Zw?format=jpg&amp;name=large" alt="Image" width="801" height="545">
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> jumped 1% in the past 24 hours, with the price currently trading at $58,700. The 24-hour low and high are $56,592 and $59,389, respectively. Furthermore, the trading volume has decreased by 10% in the last 24 hours, indicating a decline in interest among traders.
Also Read:
<ul>
 <li><a title="Ripple Vs. SEC: What To Expect From Ripple’s Reply As XRP Price Jumps 4%" href="https://coingape.com/ripple-vs-sec-xrp-defies-crypto-market-selloff-ahead-key-filing-date/" target="_blank" rel="noopener noreferrer nofollow">Ripple Vs. SEC: What To Expect From Ripple’s Reply As XRP Price Jumps 4%</a></li>
 <li><a title="Shiba Inu News: 1.75 Trillion SHIB Moves From Robinhood, What’s Happening?" href="https://coingape.com/shiba-inu-news-1-75-trillion-shib-moves-from-robinhood-whats-happening/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu News: 1.75 Trillion SHIB Moves From Robinhood, What’s Happening?</a></li>
 <li><a href="https://coingape.com/european-bank-with-600b-aum-invests-in-blackrock-bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">BNP Paribas With $600B AUM Reveals Exposure To BlackRock Bitcoin ETF</a></li>
</ul>
The post <a href="https://coingape.com/10x-research-markus-thielen-bitcoin-indicator-predicting-crash-30k/" rel="noopener noreferrer nofollow">10x Research’s Markus Thielen Says Bitcoin Indicator Predicting Crash To $30K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

10x Research’s Markus Thielen Says Bitcoin Indicator Predicting Crash To $30K

Indice dei contenuti

Coingape News Media

Altri articoli pubblicati su 2 mag 2024

Solana Price Prediction: SOL Pumps 11% As New ICO Sealana Bursts Out The Gate With $100K Fundraising

Iran’s Crypto Mining Funds Terrorism, U.S. Lawmakers Warn

Next Cryptocurrency To Explode Wednesday, May 1 — Optimism, Cosmos, Starknet, Hedera

Crypto Prices May 2: Crypto Rebound as Fed Hits Pause Button

Meme AI Price Prediction: MEMEAI Drops 3% As This Chain-Hopping Dogecoin Derivative ICO Blasts Pa...

Bitcoin’s Potential Rebound: Analysts Say “Buy the Dip” – Are you Buying or Selling?

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!