Bitcoin May Plummet to $55K Before Bear Market Ends: Thielen

Bitcoin could fall to $55,000 before the current bear market ends, according to Markus Thielen, founder of 10x Research.

The prediction is based on several indicators, including global liquidity trends, the macro calendar, and Bitcoin's seasonal patterns. Thielen points out that the US dollar has historically pressured Bitcoin's price, and with the Federal Reserve's recent shift towards hawkish policies, this trend may continue.

A model that tracks the rate of change in global liquidity suggests a potential market low between late August and October. Seasonal patterns also indicate that September is often a weak month for Bitcoin, followed by stronger performance in October.