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CoinDesk Podcast Network
MARKETS DAILY: Crypto Update | Why Bitcoin May Fall to $52K
Apr 18, 2024
Markus Thielen from 10x Research predicts a $52K Bitcoin bottom, discusses Bitcoin halving impact, macroeconomic drivers, and Bitcoin's role as a hedge. Exploring ETF influence, tech stock sales, and altcoin trading sentiment in a bearish market environment.
14:59
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Quick takeaways
- Bitcoin's market lacks usual drivers, including ETF inflows, leading to a potential price decrease.
- Upcoming halving event may not be bullish due to decreased miner revenues and lack of supply-demand imbalances.
Deep dives
Bitcoin's Lack of Upside Drivers and Market Weakness
The main view presented is that Bitcoin lacks the usual drivers that led to its previous price surges, particularly focusing on the decrease in ETF inflows over recent weeks. This declining trend in ETF inflows is linked to higher inflation, impacting Bitcoin's market performance. The shift in market internals shows weakened funding rates, indicating a broader market weakness alongside the diminishing ETF flows, pointing to a current lack of significant upside drivers.
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