Renowned Crypto Analyst Anticipates Impending Bitcoin Crash, Advises Against Buying the Dip too Soon

Article Highlights
– Markus Thielen warns against buying the dip in the crypto market.
– Technical analysis suggests Bitcoin may drop below $60,000 before recovering.
– Despite the market downturn, Bitcoin remains stable around $63,000, showcasing its resilience.

As the cryptocurrency market experiences a decline in prices, investors are questioning whether it’s the right time to buy the dip. However, Markus Thielen, the CEO of 10x Research, advises caution and suggests it may be premature to enter the market.

Meanwhile, Bitcoin continues to display its resilience, as its price fluctuates between $60,760 and $66,382 before stabilizing above $63,500.

It’s still too early to buy the dip, according to a recent report by crypto analyst Markus Thielen on March 20. Thielen raises concerns about the potential risks associated with buying into the current market downturn. Referring to an analytical model published on March 6th, Thielen predicts an impending crash within the next 1-2 weeks, while acknowledging the possibility of subsequent price rebounds.

Thielen remains cautious when assessing the ongoing market situation, stating that it’s still too early to buy during this downturn. He observes a shift in the market due to reduced interest from regular traders, evident in fewer trades involving altcoins and meme coins.

Furthermore, Thielen highlights the consecutive days of ETF outflows, which further contribute to market uncertainty. However, he acknowledges the potential for change, especially if major investors like BlackRock start investing, as this could alter the market landscape.

From a technical standpoint, Thielen predicts that Bitcoin could drop below the $60,000 threshold before attempting a significant recovery. Optimistic scenarios suggest potential upside targets of $83,000 and $102,000 based on past market highs.

Another respected analyst, Rekt Capital, also suggests a potential correction, citing historical pre-halving reversal patterns.

#BTC

This current -18% Bitcoin Pre-Halving retrace is very close to equaling the -19% Pre-Halving retrace in 2020

$BTC

#Crypto

#Bitcoin

Bitcoin has experienced a 14% decline over the past week, with the current price hovering around $64,177. Within the last 24 hours, Bitcoin has traded within a range of $60,807 to $65,757, while trading volume has remained relatively stable.