10x Research: bitcoin could fall below $50,000 if US economy worsens
Markus Thielen, an analyst at cryptocurrency research firm 10x Research, noted that the cryptocurrency market has seen a number of positive signs recently, including institutional interest in spot Bitcoin ETFs and the BTC price withstanding the impact of the return of billions of dollars' worth of Bitcoin by Mt. Gox, Decrypt reported. Meanwhile, 10x Research predicts that the recent drop in Bitcoin's price could be just the beginning of a much larger decline, with the weak ISM pointing to a shock to risky assets, and Bitcoin experiencing a sharp pullback when the ISM index reaches a peak, historically (note: the ISM index is known as the Institute of Supply Management Manufacturing Index). (Note: The ISM index is known in English as the “Institute of Supply Management Manufacturing Index”, and it is an important figure published by the Institute of Supply Management, which has a significant impact on the prosperity of the U.S. economy and the strength of the U.S. Dollar).
According to 10x Research, assuming the stock market follows the downward trend of the ISM index and even begins to anticipate an imminent recession, in which case the stock market could fall significantly over the next few quarters, which would also have a significant negative impact on bitcoin, and if that happens, the price could revert back to the $50,000 level, or even fall further.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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