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10x Research CEO Markus Thielen said on Saturday that during the volatile period for Bitcoin prices, BTC price risks could drive the price to $63,000. He also mentioned that the meme coin era is now over and advised investors to take profits immediately. Thielen’s accurate prediction that the cryptocurrency would retract to $38,000 after the approval of a Bitcoin ETF makes his opinions noteworthy.
Bitcoin and Ethereum Prices Could Retract Further
In a new report by renowned analyst Markus Thielen, he highlighted the possible reasons behind the recent price drops of Bitcoin and Ethereum. He pointed out concerns about a potential correction, noting that a weak Bitcoin market structure formed after Bitcoin rose to its ATH despite low transaction volumes.
Unpredictable values in the recently announced US inflation and employment data, along with market volatility, suggest that a correction is possible, especially as MicroStrategy’s shares are trading at a 60-90% premium based on their BTC holdings and returns.
Furthermore, the Federal Reserve’s unclear stance on interest rate cuts is significantly impacting market sentiment.
Despite the slowing GBTC sales, Markus Thielen predicts that the Bitcoin price could drop to $63,000 before a larger rally occurs, amidst a potentially slowing spot Bitcoin ETF entry process.
Meanwhile, Ethereum continues to show weak movements on the side of Ethereum and layer-2 projects, even after the smooth Dench upgrade. On the other hand, hopes for a spot Ethereum ETF approval are fading, and recent announcements indicate a 30% chance of consolidation or further retractions in the ETH price based on technical chart patterns.
At the time of writing, the ETH price is trading at $3,730, down 0.5% in 24 hours and 6% over the week. The trading volume has seen a clear drop of 25% in the last 24 hours.
Meme Coin Rally Reaches Its Peak
Bitcoin ETFs have also brought a surge in meme coins due to market entries. Purchases by BlackRock clients continue to provide increasing support. Trading volume in South Korea has noticeably increased in recent weeks, but most of it later retracted.
Looking back, it is known that altcoin rallies have accompanied Ethereum’s rise in momentum. With the uncertainty on the ETH side, the risk of a market downturn, including meme coins, is increasing.
Moreover, the drop in meme coin trading volume in South Korea could indicate the end of the meme coin craze, potentially signaling the start of a broader correction.
