Bitcoin Is Holding The Line - For Now !

Institutional Crypto Research Written by Experts

Author

Markus Thielen
June 25, 2024

👇1-11) Bitcoin is deeply oversold; influencers advise followers to buy the dip as altcoins appear to weather the storm. Our 10x Research Greed & Fear Index is near the lowest levels possible, often associated with lows.

👇2-11) There are many reasons why Bitcoin is selling off: Bitcoin distribution from Mt. Gox (potentially $9bn, starting in July), the German Government selling confiscated Bitcoins ($3bn), Bitcoin miners selling $2-3bn, ETFs selling $1.4bn, OG wallets selling $1.2bn, etc. Hypothetically, this adds up to $16-18bn - similar to the year-to-date Bitcoin ETF inflows.

👇3-11) Our trading signals have provided multiple sell signals for Bitcoin. On June 12, a new volatility signal predicted a decline when Bitcoin traded at 67,339. On June 24, a new price range signal predicted further declines when Bitcoin traded at 61,113. Although many claim the latest drop is due to Mt. Gox fud (and other factors as mentioned above), there appears to be a structural factor hitting the market that could have more profound consequences, leading to deeper declines before a rebound from lower levels might occur.  

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