Is the Bitcoin Plunge Not Over Yet 10x Research Warns of Two Potential Downturns in the Coming 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, which is expected to show the manufacturing data for the last month of the third quarter, will be released on October 1st. “The ISM manufacturing data indicates that the leading indicator has dropped 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-rate cuts by the Federal Reserve and the recent announcement of large-scale stimulus measures by China.