Is the Bitcoin Plunge Not Over 10x Research Warns of Two Potential Downturns in the Past Week
Markus Thielen added, “Since June, the characteristic of the first week of each month (i.e., the release of US ISM manufacturing data) has been a 10% price drop. This decline is consistent with this pattern.”
The September report will be released on October 1st and is expected to show continued tightening of manufacturing data in the last month of the third quarter. “The ISM manufacturing data indicates that leading indicators have fallen to levels close to a recession, making tomorrow’s data uncertain. If it falls below 48.0, it could cause Bitcoin to fall again, while a higher number could drive a rebound,” said Markus Thielen.
However, 10x Research still maintains a bullish outlook for the fourth quarter, largely due to expectations of another two-point rate cut by the Federal Reserve and the recent announcement of large-scale stimulus measures by China.
