10X Research: Expect a larger sell-off in Bitcoin in the coming weeks and months
2024-07-15 00:46:19
On July 15th, Markus Thielen, founder of 10x MResearch, said in the report: Persistent concerns due to oversupply and lack of solid market fundamentals pose latent risks for medium-term traders. Last week, Bitcoin appeared to have rebounded from oversold levels ahead of the release of the Consumer Price Index (CPI), which was expected to decline. However, as this expectation is well known and Bitcoin has risen, the price cannot be sustained. This downward inflation trend is likely to continue into October, when year-on-year data will be more challenging. Despite a nearly 20% correction in the price of bitcoin at its nadir during the sale of $3 billion worth of bitcoin in the US state of Saxony, it has withstood this test. However, a larger sell-off is expected in the coming weeks and months, which could further impact the market.
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