Bitcoin News

Top Analyst Who Predicted Bitcoin Crash Says “Too Early to Buy the Dip”

Top analyst Markus Thielen predicts further correction in Bitcoin price to $52,000-$54,000 amid FOMC and options expiry.
Published by
Top Analyst Who Predicted Bitcoin Crash Says “Too Early to Buy the Dip”

Highlights

  • Top analyst Markus Thielen reveals why Bitcoin (BTC) and Ethereum (ETH) turned bearish.
  • BTC price can crash to the $52,000-54,000 range.
  • FOMC, options expiry, and other historical data hint at possible downfall.

Markus Thielen, chief executive officer of 10x Research, on Wednesday made another dire warning as traders and investors look to “buy the dip” after the broader crypto market crash. He is one of the first few analysts who has accurately predicted a BTC price correction to $38,000 post-spot Bitcoin ETF approval, BTC rally to $50,000, and the recent crash.

Advertisement

Further Bitcoin and Ethereum Prices Capitulation?

Top analyst Markus Thielen in a newly released report on March 20 disclosed why they turned bearish on Bitcoin (BTC) and Ethereum (ETH) prices and why it’s too early to buy the dip.

Along with the analog model, the crypto research firm uses data, predictive models, and objective analysis to make accurate predictions. Based on the current data, $63,000 and $60,000 are key support levels for Bitcoin. If $60,000 is broken, BTC price can crash to the $52,000-54,000 range. 

As CoinGape reported, Markus Thielen predicted BTC price fall to $63,000, while remaining bullish in Bitcoin hitting $150K this year. Another notable analyst Rekt Capital also hinted at a possible correction based on the historical pre-halving reversal patterns.

While Bitcoin, Ethereum, and other altcoins look much cheaper at the current level, Markus Thielen says “It’s still too early to buy in this downturn.” He still expects Bitcoin to fall below $60,000 before a further rally. The firm has an upside target for Bitcoin at $83,000 and $102,000.

“Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets.”

Also Read: Bitcoin (BTC) Faces Potential Pullback, Eyes Mid-to-Upper $50s Retreat

Advertisement

Other Factors Impacting Bitcoin’s Upside Trajectory

Today, the FOMC is set to announce its monetary policy decision on rate cuts and Fed Chair Jerome Powell to further guide on timing and expected rate cuts in 2024. CME FedWatch Tool indicates the Federal Reserve to keep the fed funds rate unchanged at 5.25%-5.5% for a fifth consecutive meeting. However, the important data is when the Fed is likely to start rate cuts.

Moreover, options expiry data for this week indicates traders are making bets on put contracts at $58,000. The current data indicates sentiment towards Bitcoin price breaking below $61,000. The expiry day will see major liquidation as traders were long on Bitcoin.

Source: Deribit

Meanwhile, Bitcoin futures open interests indicate a slight jump, but the total OI remains flat near $33 billion. Bitcoin sees muted action as spot Bitcoin ETFs recorded net outflow of $326 million on Tuesday and pre-market data indicates outflow to continue this week.

BTC price fell 14% in a week, with the price currently trading at $63,177. The 24-hour low and high are $60,807 and $65,757, respectively. Furthermore, the trading volume has remained flat in the last 24 hours.

Also Read: $670 Million Liquidated In Crypto As Traders Await Fed Guidance At FOMC

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces

The FOMC minutes have signaled a dovish shift from the Fed officials, who look likely…

October 9, 2025
  • 24/7 Cryptocurrency News

North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps

North Dakota is set to become the second U.S. state to issue a stablecoin, named…

October 8, 2025
  • 24/7 Cryptocurrency News

Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana

Ethena Labs reported that it has partnered with Jupiter Exchange to develop JupUSD. This is…

October 8, 2025
  • 24/7 Cryptocurrency News

BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM

BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has become the most bought exchange-traded fund…

October 8, 2025
  • 24/7 Cryptocurrency News

MetaMask Launches Hyperliquid Perpetuals In-App, Plans To Integrate Polymarket

MetaMask has officially introduced perpetuals trading on its platform, powered by Hyperliquid. Meanwhile, the crypto…

October 8, 2025
  • 24/7 Cryptocurrency News

XRP Treasury Holdings Hits $11.5B as Nasdaq-Listed Reliance Global Adds $17M in Fresh Buy

XRP holdings in corporate treasuries have now surpassed $11.5 billion in value. This follows news…

October 8, 2025