10x Research Founder Who Predicted Bitcoin’s Pre-Halving All-Time High Turns Bearish

cryptonews.com:

10x Research Founder Markus Thielen who predicted Bitcoin’s recent pre-halving rally to all-time highs has turned bearish on risk assets such as technology stocks and cryptocurrencies.

In a CoinDesk interview in February 2024, Theilin stated that “Bitcoin rallies an average of 32% in 60 days ahead of the halving”. Citing it to be upheld as strong inflows into US-based ETFs indicated optimism among traditional investors.

This was supported by significant RSI indicators which historically “presaged accelerated uptrends” and would see Bitcoin produce an average gain of 54% in the following 60 days in a  “rally to 74,611 by April 11, 2024,” according to 10x Research.

https://x.com/10x_Research/status/1768085626178720022

This played out, with Bitcoin hitting an all-time high of $73,000 on March 14th, more than a month before the upcoming halving on April 20th – just short of the prediction.

10x Research is also credited with predicting Bitcoin’s bottom . in November 2022, proving them to be consistent and reliable.

Last night, 10x Research expressed their outlook on the current state of the market saying “We are bearish on risk assets (stocks + crypto),” as addressed in a newsletter.

Thielen announced the decision to sell all of 10x Research’s tech stocks at the open last night. “Only a few high-conviction crypto coins” remain in their portfolio. 

“Our growing concern is that risk assets (stocks and crypto) are teetering on the edge of a significant price correction,” Thielen stated.

This conclusion was primarily influenced by “persistent inflation,” a prevalent issue challenging the space and the cause of Bitcoin’s step back from its all-time high.

Bond markets now project less than three cuts and 10-year treasury