Bitcoin Price Forecast Suggests More Downside May Be on the Horizon

Bitcoin (CRYPTO: $BTC) has been dealing with vital headwinds lately, leaving buyers questioning the place the backside lies. On Wednesday, the cryptocurrency was buying and selling round $61,000 and has usually seen assist at round the $60,000 mark this 12 months. However, it hasn’t been buying and selling this low since the Fall of 2024, with buyers worrying about it doubtlessly going even decrease. Year thus far, it is down round 30%.

Those considerations could possibly be well-founded, in keeping with Markus Thielen, founding father of 10x Research, who believes there may be nonetheless extra room for the cryptocurrency to say no decrease, earlier than finally recovering.

Thielen believes that the power of the US greenback may pose an issue, as in the previous, it has confirmed to be a headwind for the main cryptocurrency. To make issues worse, the new chair of the Federal Reserve, Kevin Warsh, seems extra hawkish than beforehand anticipated, with expectations now excessive that there could possibly be a number of fee hikes this 12 months. That may additional weigh on Bitcoin’s fragile efficiency this 12 months.

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The excellent news is Thielen does not consider the downturn goes to get an entire lot worse. Based on liquidity tendencies, seasonal patterns, and macroeconomic situations, Thielen believes that the low level could come someday between late August and October.
So how low does Thielen assume Bitcoin may go? He believes that Bitcoin could fall to as little as $55,000. While that implies breaking nicely beneath the $60,000 assist that it has largely had this 12 months, it does not imply that upon doing so, it’s going to result in a extra disastrous decline.

For buyers, this might create a compelling case for getting the cryptocurrency in the close to future.