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Analyst That Called $BTC to 70K Is Now A Bear!

A cryptocurrency analyst who previously predicted a surge in Bitcoin's price has turned bearish on risky assets. Rising Treasury yields and dwindling expectations of Federal Reserve rate cuts are cited as key factors weakening the outlook for stocks and cryptocurrencies.

Bitcoin Bleeding

The analyst reduced their exposure to risky assets, selling all tech stocks and holding only a limited number of favored cryptocurrencies. This shift comes amid a decline in demand for Bitcoin exchange-traded funds (ETFs) launched earlier this year.

  • Demand for US-listed Bitcoin ETFs has stalled after a strong initial run.

  • Historically, Bitcoin experiences a price dip following the mining reward halving event.

  • Reduced expectations of Fed rate cuts and rising interest rates are dampening the outlook for cryptocurrencies and stocks. "Most of this 2023/2024 bitcoin rally is driven by expectations that interest rates would be cut, and this narrative is being seriously challenged now," Markus Thielen said. “Our growing concern is that risk assets (stocks and crypto) are teetering on the edge of a significant price correction. The primary trigger is the unexpected and persistent inflation. With the bond market now projecting less than three cuts and 10-year Treasury Yields surpassing 4.50%, we may have arrived at a crucial tipping point for risk assets,” Markus Thielen, founder of 10X Research told his clients last week.

The analyst suggests that the initial enthusiasm for these ETFs may be fading, and further price corrections could be on the horizon, particularly after the upcoming Bitcoin mining reward halving event.

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