10x Research: Bitcoin price may only rebound after falling below $60,000

According to Odaily Star Daily, Markus Thielen, founder of 10x Research, released a new report explaining why he turned bearish over 10 days ago.

The report points out that while this price correction was predictable, changing the predicted direction required courage. The report states that it is still too early to buy on dips now. One key point for their bearish view is that retail trading sentiment is cooling down, reflected in the significant decrease in trading volume of altcoins and meme coins. In addition, Bitcoin spot ETF has seen net outflows for two consecutive days.

Technically speaking, they still believe that the Bitcoin trading price will fall below $60,000 before attempting a more meaningful rebound. Based on previous signals of new highs, they believe BTC could rebound to $83,000 and $102,000 but are currently more focused on managing downside risks.