Analyst Markus Thielen stated in his statement that the correction of Bitcoin may continue.
According to a recent report from cryptocurrency analysis company 10X Research, the future of Bitcoin (BTC) is closely tied to the inflow of Bitcoin ETFs in the United States. The company noted that these ETF funds recorded 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 continued adjustment of the Bitcoin price may continue if the ETF inflows disappoint.
Thielen wrote in the report on Monday: “While this is an unpopular statement, once the price undergoes significant intra-day volatility, the expected money inflow will slow down.” He also added that based on reversal indicators, the BTC price could retreat to $59,035.
Despite the potential for a deeper correction, the report suggests that the cryptocurrency market’s uptrend is far from over.
Thielen said: “Because this uptrend in the market may continue, we can bet that Bitcoin will increase 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.
