Analyst Markus Thielen states in his statement that the correction of Bitcoin could continue.
According to a recent report from cryptocurrency analytics firm 10X Research, the future of Bitcoin (BTC) is closely linked to the influx of capital into Bitcoin ETFs in the United States. The firm notes that these ETF funds saw record inflows last week.
However, the declining demand in the coming days could cause a downward trend in the price of Bitcoin.
According to the analyst, the price of bitcoin, which has found short-term support and stability at $67,000, will have to face a “real test”. 10X founder Markus Thielen suggests that the ongoing adjustment of Bitcoin’s price could continue if the ETF inflow disappoints.
Thielen wrote in the report on Monday: “While this may not be a popular statement, once the price undergoes significant intra-day volatility, the expected influx of money will slow down.” He also added that based on reversal indicators, the price of BTC could retreat to $59,035.
Despite the potential for deeper corrections, the report suggests that the cryptocurrency market’s uptrend is far from over.
Thielen stated: “As this uptrend market may continue, we can bet that Bitcoin will rise significantly in the coming months.” He also suggested that if BTC recovers above the all-time high of $69,000 in 2021, this could pave the way for much higher prices.
