- Bitcoin’s price is predicted to correct due to weak market structure, according to Markus Thielen from 10x Research.
- CryptoQuant CEO, Ku Young Ju, notes that new Bitcoin whales and spot ETF buyers are now underwater.
- Experienced trader Peter Brandt also predicts a further decline, suggesting Bitcoin could dip into the high 40s.
Bitcoin’s price is expected to correct due to a weak market structure, with predictions suggesting a drop to $30,000. New Bitcoin whales and spot ETF buyers are now underwater, adding to the market’s uncertainty.
Is Bitcoin Heading for a Crash?
Markus Thielen, who has been successful in previous predictions, shared his forecasts following the recent fluctuations. Due to the weak market structure, he expects a correction in the Bitcoin price. Thielen first predicts a Bitcoin drop in the $52,000-$55,000 range. As you may know from Kriptokoin.com, the BTC price dropped to $56,552 due to Fed rate concerns. The analyst also points to a metric indicating that the BTC price could drop to $30,000.
Indicator Predicts a Drop to $30,000 for BTC
The current situation in the Bitcoin market is quite interesting. The BTC price is currently hovering around the average purchase price of spot Bitcoin ETF buyers. The cryptocurrency is fluctuating between approximately $57,000 and $58,000. The average BTC ETF buyer is currently underwater. Moreover, institutional investors are struggling to justify allocating more capital to BTC ETFs.
Peter Brandt’s Decline Prediction is $40,000!
Meanwhile, experienced trader Peter Brandt also predicts further decline. However, the level indicated by Markus Thielen is lower than what Brandt predicts for the BTC price. Brandt suggests that Bitcoin carries the risk of falling to the $40 level.
Bitcoin Whales and Spot ETF Buyers are Underwater!
CryptoQuant CEO Ku Young Ju states that new BTC whales and spot ETF buyers are now underwater. Ku Young Ju predicts a maximum pain near the $51,000 level. However, he recommends buying the dip as it’s a rare chance to beat the TradFi whales.
Conclusion
In conclusion, the Bitcoin market is currently facing a period of uncertainty, with predictions of a price correction due to a weak market structure. New Bitcoin whales and spot ETF buyers are underwater, and experienced traders are predicting further declines. However, opportunities may still exist for savvy investors willing to buy the dip.
