Analyst Warns of Potential Short-Term Bitcoin Price Pressure
An analyst from 10x Research, Markus Thielen, stated that now is not the time for investors to be overly optimistic about Bitcoin’s price movement.
In his latest report, Thielen noted that the widening of credit spreads continues, signaling growing concerns over a potential recession.
He emphasized that interest rate cuts by the U.S. Federal Reserve, although typically seen as positive for Bitcoin, could actually reinforce signs of economic weakness that may further pressure Bitcoin’s price.
Bitcoin Price Experiences a Decline
Citing information from Coinvestasi, Bitcoin is currently trading around US$81,000, showing a decline of approximately 1% over the past 24 hours.
Meanwhile, the U.S. Dollar Index (DXY) also shows weakness, falling nearly 3% in the past week to 100.3400. This situation reflects the uncertainty surrounding global financial markets.
Long-Term Potential Remains
Despite short-term pressures, some analysts remain optimistic about Bitcoin’s long-term prospects.
Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that Bitcoin has the potential to perform well in a recessionary macroeconomic environment.
He added that if a recession does occur, it could become a major catalyst for Bitcoin’s price growth in the future.
