Bitcoin price has dropped more than 17% ahead of Bitcoin halving, the most-awaited event of the year. Experts have pointed out different reasons for the drop including historical pre-halving drop, repricing of US Fed interest rate cut expectations, and on-chain data. Top analyst Markus Thielen believes a next week’s data is more crucial for markets than Bitcoin halving.
Bitcoin Correction to Continue Next Week?
After an urgent update to its clients that Bitcoin and Ethereum are breaking crucial support levels, Markus Thielen, CEO of crypto research firm 10x Research, in a new report reveals a key event next week to trump Bitcoin halving’s impact.
Crypto returns are typically defined by two significant factors – the cycle and the macro environment. Bitcoin has a four- year cycle and macro factors have certainly impacted BTC price direction.
In Oct 2022 when Markus Thielen was at crypto services provider Matrixport, he forecasted bottom in Bitcoin and BTC price prediction of $63,00
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