10x Research CEO Markus Thielen said the $55,000-$56,000 range is forming a new base from a technical analysis perspective and there is a short-term bullish rally in the market.
“We expect Bitcoin to rally to nearly $60,000 before falling back to the $50,000 low, creating a challenging trading environment for traders and investors,” Thielen said.
He drew attention to the fact that seasonal trends do not contribute to the growth of the value of the first cryptocurrency, and now there are no strong factors that would change the situation in the short term.
Earlier, Thielen said that the cryptocurrency and stock market is on the verge of a significant price correction, and among the main factors for the development of a negative scenario, he named high inflation and rising yields on US Treasury bonds.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
