PANews reported on August 3rd that according to Decrypt, Markus Thielen, an analyst at cryptocurrency research company 10x Research, pointed out that there have been some positive signs in the cryptocurrency market recently, including institutional interest in spot Bitcoin ETFs, and BTC prices withstanding the impact of Mt.Gox returning billions of dollars worth of Bitcoin. At the same time, 10x Research predicts that the recent decline in Bitcoin prices may only be the beginning of a larger decline. The weak ISM index has brought a shock to risky assets. Historically, Bitcoin will experience a sharp correction when the ISM index reaches its peak (Note: The full name of the ISM index in English is the "Institute of Supply Management Manufacturing Index", which is an important data released by the U.S. Supply Management Association, which has an important impact on reflecting the prosperity of the U.S. economy and the trend of the U.S. dollar).
10x Research pointed out that if the stock market follows the downward trend of the ISM index and even begins to expect the economy to fall into recession, in this case, the stock market may fall sharply in the next few quarters, which will also have a significant negative impact on Bitcoin. If this happens, the price of Bitcoin may return to the $50,000 level or even fall further.
