PANews released a heavyweight report on June 28. Markus Thielen, CEO of 10x Research, boldly predicted in the latest in-depth analysis report that Bitcoin may usher in a sharp decline, with a target price of $55,000. The report clearly pointed out that since June 20, Bitcoin has entered a downward channel, and trend-following funds (CTAs) have followed the market closely and are likely to increase short positions on a large scale. It is worth noting that as market volatility decreases, these funds may further expand their short positions, and the current realized volatility has dropped to 30%.
In addition, the report also emphasized that a number of key weekly and monthly indicators have released strong bearish signals, indicating that the market is undergoing a broad adjustment. In particular, the relative strength index (RSI) on the weekly dollar chart of Bitcoin has been declining since it peaked in early March this year. At the same time, the monthly stochastic indicator shows a trend very similar to the market highs in January 2018 and May 2021. This series of signs all point to a possible result-Bitcoin prices will be under pressure to fall again.
