"According to a cryptocurrency market analyst, Bitcoin holders should remain on the sidelines until Bitcoin’s price drops to the low $40,000 range to secure the best entry price before the next bull market arrives.
'To ideally time the entry into the next bull market, our target is for Bitcoin to drop to the low $40,000 range,' wrote Markus Thielen, Head of Research at 10x Research, in a report viewed by Cointelegraph on August 7.
Thielen told Cointelegraph, 'We expect Bitcoin to attempt a significant rebound again.'
According to CoinMarketCap data, the last time Bitcoin was in this range was on February 6, trading at $42,577.
As of the time of publication, Bitcoin was valued at $56,848, down 12.89% since July 31."
"Thielen is not alone in holding this view. Other analysts also believe that Bitcoin could drop to $40,000 in the coming months.
'Bitcoin is equally likely to hit $40,000 or $80,000 within the next 60 days,' wrote Timothy Peterson, founder of Cane Island Alternative Advisors, in an X post on August 5.
Crypto Rover told his 808,400 X followers, 'If Bitcoin breaks this support level, the next one is $40,000.'
'I would be happy to see Bitcoin drop to $50,000 or even $40,000,' added David Gokhstein, founder of Gokhstein Media.
Thielen is skeptical about Bitcoin's safety. Since March, $60,000 has been a solid support level for Bitcoin, but it has now fallen below this threshold for two consecutive days.
Expecting near-term volatility, Thielen advises against a buy-and-hold strategy, noting that Bitcoin and Ethereum currently do not offer the kind of high-risk returns recently seen in the U.S. stock market.
'Neither Bitcoin nor Ethereum has shown the stable, high-Sharpe ratio upward trend that U.S. stock market investors can enjoy with minimal effort,' Thielen said.
However, Thielen still believes that Bitcoin’s current price could present a buying opportunity, but he suggests setting a stop-loss at $54,000 as 'the risk remains to the downside.'
He explained, 'Especially as we’ve seen three consecutive days of ETF outflows, it doesn’t seem like people are buying this dip.'
Thielen pointed out that investors in the U.S. spot Bitcoin exchange-traded fund (ETF), launched on January 11, are now 'underwater,' as the average price is 'around $60,000.'
He added, 'Given Bitcoin's current downward trend, retail investors, who often follow trends, may be hesitant to pour large amounts into the ETF as it declines.'
Thielen was 'shocked' that despite $17 billion flowing into Bitcoin ETFs since their launch, Bitcoin fell below $50,000 on August 5, approaching the launch day's price of $46,656 on January 11."
"Original link"：https://cn.cointelegraph.com/news/bitcoin-40k-price-bull-market-entry-10xresearch-crypto-traders
