According to a crypto analyst, the BTC price needs to drop to the $40,000 level for Bitcoin investors to get in before the next bull market.
“We expect Bitcoin prices to fall into the low $40,000s to ideally enter the next bull market,” Markus Thielen, Head of Research at 10x Research, wrote in an Aug. 7 report.
“We expect a big rally later on,” Thielen told Cointelegraph.
Bitcoin last traded at these levels on Feb. 6 at $42,577, according to CoinMarketCap data. At the time of publication, Bitcoin was trading at $56,848, down 12.89% since July 31.
Other analysts are also predicting that Bitcoin could fall to $40,000 in the next few months. “Both $40,000 and $80,000 levels are equally likely in the next 60 days,” Timothy Peterson, founder of Cane Island Alternative Advisors, wrote in an X post on Aug. 5.
“If Bitcoin breaks this support, $40,000 is next,” Crypto Rover informed his 808,400 X followers.
"I would love to see Bitcoin drop to $50,000 or even $40,000. That would be a great opportunity to save some more," said David Gokhstein, founder of Gokhstein Media.
Thielen expressed doubts about the safety of the HODLing strategy. Although Bitcoin has found solid support at $60,000 since March, it has fallen below that level in the past two days.
Thielen is skeptical of the buy-and-hold strategy, stressing that Bitcoin and Ethereum (ETH) do not offer a high risk-reward ratio for U.S. stock market investors due to current market movements. “Neither Bitcoin nor Ethereum are exhibiting the consistent, high Sharpe ratio uptrends that U.S. stock market investors achieve with little effort,” Thielen said.
Thielen, however, believes that Bitcoin price could present a buying opportunity, although he still recommends a stop loss at $54,000 as “risk remains to the downside.”
Thielen noted that despite the market decline, the expected purchases in ETFs have not materialized. He noted that investors in spot Bitcoin ETFs, which launched on Jan. 11, have an average cost of “around $60,000” and are currently “at a loss.” “Given Bitcoin’s current downtrend, retail investors who typically follow trends may be hesitant to participate in ETF flows for large dip purchases,” Thielen said.
The crypto expert added that despite $17 billion flowing into spot Bitcoin ETFs since they were listed, he was “astonished” by Bitcoin’s drop below $50,000 on August 5, approaching its listing price of $46,656 on January 11.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research.
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