What’s Next for Bitcoin (BTC) After the Binance Hack? Famous Analyst Says “First a Drop, Then a Rise,” and Gives a Date!
Bitcoin, the leading cryptocurrency, has fallen below $80,000 due to recent developments. This increases the risk of further declines, and Markus Thielen has shared his latest analysis of Bitcoin.
Short-Term Correction, Recovery by the End of the Year!
In a recent interview, Markus Thielen, founder of 10x Research, stated that Bitcoin could fall to around $70,000 in the short term but could rise to $90,000 by the end of the year.
Thielen stated that the market is in a short-term correction phase and that $BTC’s current price movements indicate a short-term correction process, adding that the price could fall to the $70,000 level before recovering.
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However, Thielen notes that this decline hasn’t eliminated the long-term bullish outlook, predicting that $BTC could reach $90,000 by the end of the year.
US Debt Burden Could Be an Opportunity for Bitcoin!
The analyst cited developments in the US Treasury market as one of the main reasons for expecting a rise in $BTC. According to Thielen, weakening investor confidence in the traditional bond market could support capital flows into alternative assets such as Bitcoin and gold.
The analyst also noted that the Federal Reserve could adopt a more cautious monetary policy stance in early December, signaling the possibility of another rate hike, after which market-friendly conditions could emerge and support a year-end rally.
On the other hand, Thielen added that Bitcoin is likely to achieve stronger gains than Ethereum.
*This is not investment advice.
