Bitcoin Price Could Fall to $55K Before Bear Market Ends, Says 10x Research
Bitcoin's price may fall further before the current bear market ends, according to 10x Research founder Markus Thielen. The US dollar's recent strength has historically put downward pressure on Bitcoin's price, and a hawkish shift by the Federal Reserve under new Chair Kevin Warsh is adding to this trend.
Three indicators, global liquidity trends, the macro calendar, and Bitcoin's seasonal patterns, point to a potential market low between late August and October. A model tracking the rate of change in global liquidity suggests that late August could be the next key inflection date.
The same model correctly identified buying opportunities in March and exit signals in April. Seasonal patterns also suggest that September has historically been a weak month for Bitcoin, often followed by stronger performance in October.
Bitcoin's current price is near its 200-week moving average after falling to below $62,000 over the past week. Average daily trading volume has fallen to about $1.99 billion, the third-lowest reading of the past year, according to K33.