👉. Analyst claims BTC will drop to $55K
Cryptocurrency researcher Markus Thielen spoke about the future of Bitcoin price in his statement.
According to Markus Thielen, a researcher at 10X Research, Bitcoin, the world's largest cryptocurrency, has been trending down since June 20.
Thielen gave ten reasons why Bitcoin price is likely to drop to $55,000 in the near term. He noted that many funds observed similar signals and held short positions.
Thielen said that President Biden's poor performance could increase the chances of a new Democratic candidate who could pose a tougher challenge to Mr. Trump in the upcoming election in November.
Thielen also noted the impact of time on Bitcoin performance. Historically, the third quarter is the weakest quarter with an average return of just 5% over the past 13 years, in stark contrast to the average return of over 60% in the second and fourth quarters.
Despite the disappointing price action in Q2, this can be seen as a correction within a larger bullish move. It is worth noting that Bitcoin has increased almost fivefold from its January 2023 low, reaching an all-time high of $73,500 in mid-March this year.
As the cryptocurrency market closes out a dismal quarter, analysts like Thielen believe there may be more challenges ahead.
