said Markus Thelen, a senior cryptocurrency analyst. On Thursday, Bitcoin price is expected to correct amid weak market structure. Thielen expects Bitcoin to collapse to a range between 52,000 and 55,000. BTC price fell to a low of $56,552 due to fluctuations in federal funds rates. He revealed an indicator that also expects a further decline in the price of Bitcoin to $30,000.
Will Bitcoin price move towards a collapse? Markus Thelen, CEO of cryptocurrency research firm 10x Research, noted. To an indicator that expects the price of Bitcoin to collapse to $30,000. In a new report to clients. He revealed that their clients had closed long positions at 68,300 or some had even opened short positions on Bitcoin.
“We were expecting a sharp correction for Bitcoin. All signs were pointing to the Bitcoin bull market losing momentum. Now everyone is wondering how sharp the fall will be,” he added.
The current situation in the Bitcoin market is very interesting, as the BTC price is currently hovering around the average purchase price for buyers of Bitcoin ETFs. Which ranges from about $57,000 to $58,000. The average Bitcoin ETF buyer is now at a loss and institutional investors are struggling to justify allocating more capital to Bitcoin ETFs.
With no immediate catalyst, though, BlackRock is leading the Bitcoin ETF. Portfolio managers are being questioned about Bitcoin ETF risk limits as investors take a small loss. Spot BTC ETFs saw the worst sell-off worth $550 million on Wednesday. With daily outflows continuing.
Markus Thelen highlighted an indicator that predicts a significant decline in the price of Bitcoin. Price fluctuations and trends are almost accurate through the indicator.
The index predicts a collapse to $30,000. This is lower than what veteran trader Peter Brandt expected in his Bitcoin price prediction. He said that Bitcoin is at risk of falling above $40K.
BTC price is trading at $58,000 said CryptoQuant CEO, Ko Young-joo. New Bitcoin whales and buyers of Spot BTC ETFs are now at a loss. The maximum pain is expected near the $51,000 level. But he suggests buying the dip because it could be a rare opportunity to beat the TradFi whales.
The price of Bitcoin has jumped by 2.34% in the past 24 hours, with the price currently trading at $60,450. The 24-hour low and high are $56,592 and $60,450 respectively. Moreover, trading volume has decreased by 10% in the past 24 hours. Which indicates low interest among traders.
