Markus Thielen explained that Bitcoin has broken through the technical and psychological levels of $60,000. According to the analyst, this mark marks the bottom of a three-month trading range and is a key level for miners and buyers of Bitcoin spot ETFs.
“The price drop could accelerate as support is broken and sellers seek liquidity. Only poorly informed traders are willing to buy. A break of this support level could lead to a sharp fall to $50,000,” he said.
Thielen emphasized that the number of Bitcoin buyers on the market has decreased, while sales of the first cryptocurrency have sharply accelerated. According to him, one should not expect the BTC rate to recover to $60,000 in the short term, since there is not a single factor in the market that would contribute to the resumption of the Bitcoin rally.
The CEO of 10x Research recalled that he had repeatedly written about the possibility of a bearish scenario for the first cryptocurrency over the course of several weeks.
Earlier, experts from CryptoQuant reported that Bitcoin miners have begun to shut down inefficient equipment. According to analysts, miners are selling off reserves, which is a sign of their capitulation in the market.
Source: Bits
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