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 the three-month trading range and is a key level for miners and buyers of spot ETFs for bitcoin.
"The price drop may accelerate as support is broken and sellers start looking for liquidity. Only poorly informed traders are willing to buy. Breaking through this support level could lead to a sharp drop to $50,000," he said.
Thielen stressed that the number of bitcoin buyers in the market has decreased, despite the fact that sales of the first cryptocurrency have accelerated dramatically. According to him, it is not worth expecting the BTC exchange rate to recover to $ 60,000 in the short term, since there is not a single factor in the market contributing to the resumption of the bitcoin rally.
The CEO of 10x Research recalled that he had repeatedly written about the likelihood of a bearish scenario for the first cryptocurrency for several weeks.
Earlier, experts from CryptoQuant reported that bitcoin miners have started disabling inefficient equipment. According to analysts, miners are selling off reserves, which is a sign of their capitulation in the market.