Top Crypto Analyst Predicts Looming Crash Ahead For Bitcoin, Says “Too Early to Buy the Dip”
Mustafa Mulla20 Mar 20241 min read
As the crypto market continues its price fall, investors are contemplating whether now is the right time to “buy the dip.” However, the CEO of 10x Research, Markus Thielen, issues a cautionary note against such actions, suggesting it might be premature to enter the market.
Meanwhile, Bitcoin’s resilience is on display, with its price swinging between $60,760 and $66,382 before stabilizing above $63,500.
It’s Still Too Early to Buy Dip
According to the recently released report by crypto analyst Markus Thielen on March 20 raises concerns about the potential risks associated with buying into the current market downturn.
Meanwhile, referring to an analytical model published on March 6th, Thielen predicts a looming “crash” within the next 1-2 weeks, while acknowledging the possibility of subsequent price rebounds.
Looking at the ongoing market Thielen remains cautious, stating, “It’s still too early to buy in this downturn.” He sees the market’s shift due to less interest from regular traders, shown by fewer trades in altcoins and meme coins.
Moreover, Thielen highlights the occurrence of consecutive days of ETF outflows, further amplifying market uncertainty. But Thielen says there’s a chance for things to change, especially if big investors like BlackRock start putting money in, which could make the market look different.
Technical Outlook
From a technical perspective, Thielen predicts that Bitcoin could dip below the $60,000 threshold before attempting a significant recovery. While optimistic scenarios envision potential upside targets of $83,000 and $102,000 based on past signals of market highs.
Rekt Capital, another respected analyst, suggested a potential correction, citing historical pre-halving reversal patterns.
BTC Current Stance
Bitcoin witnessed a 14% decline over the past week, with the current price hovering around $64,177. During the last 24 hours, Bitcoin traded within a range of $60,807 to $65,757, while trading volume remained relatively unchanged.
