đ Bitcoin's Struggles Since March đ
Bitcoin has been in a steady downtrend since reaching its all-time high (ATH) in March. While the ongoing dips have been frustrating for investors, Markus Thielen, founder of 10x Research, shed some light on the true reasons behind this downturn. đĄ
According to Thielen, the main drivers of Bitcoin's correction are whale sales and token unlocks. đđ In his recent report, Thielen explained that these large sales by whales, along with the release of significant amounts of tokens, have played a major role in pulling Bitcoin's price down since March. đ
These factors have essentially disrupted and offset the bullish momentum that came from positive news around stablecoins, spot Bitcoin ETFs, and futures leverage. đâïž
âEarly token holders and big whales selling off their assets have been weighing on Bitcoinâs price,â said Thielen. However, he also highlighted that strong inflows from stablecoins, growing interest in spot Bitcoin ETFs, and increased futures leverage have helped prevent an even deeper plunge. đȘ
Despite these challenges, Thielen remains optimistic about Bitcoin's future. đź He believes the outlook is still positive and expects big movements in Bitcoin over the next 6 to 12 months. đ
Thielen also noted that rising U.S. economic growth could be a major catalyst for Bitcoin's next surge. As the Federal Reserve continues to lower interest rates in response to low inflation, and U.S. corporate profits stay strong, Bitcoin may see significant gains in the coming months. đâš #BTCâ #Bitcoinâ #Cryptocurrencies #btcupdates2024 #bitcoinâïž
