Analysis: In the worst-case scenario, Bitcoin will fall to a range of 72,000 to 74,000 US dollars
ChainCatcher reports that in recent days, Bitcoin has experienced its largest drop (-15%) within three days since the FTX crash. Markus Thielen, founder of 10x Research, stated in a report to clients on Wednesday that in the worst-case scenario, Bitcoin could fall to a range of $72,000-$74,000 before potentially rebounding. He also noted a lagging correlation between Bitcoin and global central bank liquidity indicators.
By analyzing the actual prices short-term holders have paid for their tokens (those who've held BTC for less than 155 days), Thielen identified $82,000 as a key level indicating potential demand around this price point (which has been reached).
Thielen explained that historically speaking, during bull markets Bitcoin rarely stays below this level (the actual price paid by short-term holders) for long periods. However, during bear markets it often remains below this level for extended periods.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Barrick’s Marquee gold project faces hazy study timing
Japanese and South Korean stock markets open
Marvell Technology (MRVL.US) $115 billion "merger of the century" faces lukewarm reception! Stock has dropped over 40%, experts estimate only a 50% chance of completion
Marvell plans to acquire Lamington for 115 billions USD to strengthen its position in AI, but the probability of completion is only 50%. The two stocks have dropped by nearly 40% and about 35% respectively, with Chinese regulatory approval being the biggest uncertainty.
Crypto prices
More
