Will Bitcoin’s (BTC) Decline Continue? Critical Levels to Watch and Investor Expectations

  • Renowned analyst Markus Thielen has shared his insights on the potential for a drop in Bitcoin’s price and the levels to watch.
  • Thielen, the founder of 10X research, has previously accurately predicted Bitcoin’s price movements.
  • Thielen suggests that this week’s PPI and CPI data could impact Bitcoin’s price.

Markus Thielen, a successful analyst and founder of 10X research, shares his insights on potential Bitcoin price movements and the impact of this week’s PPI and CPI data.

Bitcoin Price Predictions and Market Movements

Thielen has suggested that investors anticipate significant price fluctuations in Bitcoin by the end of the week. Investors are expecting a +/- 6% movement in Bitcoin’s price this week due to the impact of PPI and CPI data. Thielen pointed out that the implied volatility currently priced at 52.8%, compared to a 50.8% rate in other terms, indicates that the market does not fully expect a major move.

Implied Volatility and Bitcoin’s Price

Despite the high implied volatility, Thielen argued that Bitcoin’s price is not considered expensive as the realized volatility is trading slightly below 50%. According to volatility data, Thielen signaled that he does not expect a significant drop in BTC’s price. He emphasized that Bitcoin is currently testing the support level between $60,800 and $61,400. However, if Bitcoin falls below this support range, Thielen expects the price to drop, indicating that these levels are of critical importance for BTC.

Spot Bitcoin ETF Buyers and Price Impact

Finally, Thielen highlighted that the average entry price for spot Bitcoin ETF buyers is around $57,000. He claimed that a drop below $60,000 would likely cause significant concerns among these investors and could lead to panic selling. At the time of writing, Bitcoin continues to trade at $61,599.

Conclusion

Thielen’s analysis provides valuable insights into potential Bitcoin price movements and the impact of PPI and CPI data. Investors should monitor these factors closely and be prepared for potential price fluctuations. As always, it’s important to remember that investing in cryptocurrencies involves risk and decisions should be made based on thorough research and consideration.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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