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Highlights
- Markus Thielen, CEO of 10x Research, predicts Bitcoin price upcoming correction to $63,000
- Meme coins rally has faded and investors should book profits
- Bitcoin and Ethereum prices consolidation are more likely
Markus Thielen, chief executive officer of 10x Research, on Saturday predicted Bitcoin price risks dropping to $63,000 amid new cautious outlook. He also said meme coins mania has now ended and investors must look to book profits. He is one of the first few analysts who accurately predicted a BTC price retracement to $38,000 post-spot Bitcoin ETF approval.
Bitcoin and Ethereum Prices Can Retrace Further
Top analyst Markus Thielen in a newly released report disclosed reasons behind the recent fall in Bitcoin and Ethereum prices. The concerns related to upcoming correction were evident due to the weak Bitcoin market structure after Bitcoin rallied to new ATH amid low trading volumes and liquidity.
Unpredictable market and volatility amid US inflation and jobs data, MicroStrategy shares trading at 60-90% overvalued relative to its Bitcoin holdings and returns indicated high odds of correction. Moreover, central bank officials are reluctant to rate cuts further dampening market sentiment.
Markus Thielen predicts BTC price fall to $63,000 before resuming further rally amid slow spot Bitcoin ETF inflows despite low GBTC selling. Other analysts have also made similar Bitcoin price predictions indicating further fall before bitcoin halving.
Meanwhile, Ethereum is also showing fundamental weakness after the Dencun upgrade, with Layer 2 chains to dilute Ethereum’s yield. In addition, odds of spot Ethereum ETF approval at 30% and weak technical chart patterns shows a consolidation or a further pullback in ETH price.
ETH price currently trades at $3,730, down 0.5% in the last 24 hours and 6% in a week. The trading volume has dropped by 25% in the past 24 hours.
Also Read: Bitcoin ETF Records $2.5B Weekly Inflows, BTC Price Correction Looms Near FOMC?
Meme Coins Rally Has Topped
Bitcoin ETFs continue to provide support driven by confident buying by BlackRock clients, which also triggered rally in meme coins, especially Shiba Inu. South Korea’s trading volume increased in last few weeks, but most of the trading volume has now faded.
In fact, altcoin rallies are closely tied to Ethereum’s bullish momentum. With rising uncertainty, altcoins including meme coins may have reached a short-term peak and prices risks falling. Also, South Korea’s meme coin trading volume drop hints at end of meme coin mania and start of a broader correction.
CoinGape recently reported that a whale dumped 1 trillion SHIB tokens to a crypto exchange amid broader market selloff.
Also Read: Bitcoin SOPR Data Shows Major BTC Price Consolidation for March
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