Matrixport’s suggestion to short ETH; 10X Research forecasts Bitcoin to reach $59,000.
Matrixport and 10X Research founder Markus Thielen are pessimistic about the price trends of ETH and BTC in the short term.
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Matrixport: Suggests shorting ETH to hedge BTC
10X Research: Bitcoin ETF flow is key
Bitcoin could drop to $59,000
Matrixport: Suggests shorting ETH to hedge BTC
Matrixport’s tweet suggests that the continuous decline in Ethereum gas fees indicates that ETH is losing upward momentum. In addition, there is still controversy over the approval of Ethereum spot ETFs. After the Dencun upgrade, an important catalyst is no longer present. Therefore, we suggest shorting ETH to hedge any Bitcoin long positions.
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Matrixport’s position is completely different from the analysis released by Standard Chartered earlier.
(Standard Chartered: Ethereum spot ETF may still be approved in May, with ETH potentially reaching $8,000 by the end of the year.)
10X Research: Bitcoin ETF flow is key
Markus Thielen, analyst at Matrixport and founder of 10X Research, still sees a positive outlook for BTC in the latest report, but ETF flow and price support will be crucial.
Farside Investors
Data shows that the net inflows of Bitcoin in the past five days were as follows:
3/11: $505 million
3/12: $1.045 billion
3/13: $683 million
3/14: $132 million
3/15: $198 million
The net inflows of the last two days are seen by many analysts as one of the reasons for the weekend decline in Bitcoin.
Bitcoin could drop to $59,000
CoinDesk
Citing Markus Thielen’s report, it is believed that while Bitcoin is at the $67,000 level, the real test will be during the opening hours of the US stock market on Monday and Tuesday. If the ETF inflows are not as expected, Bitcoin may continue to decline.
He stated:
Although this is an unpopular statement, after experiencing significant price volatility, it is expected that the inflow of funds will slow down. According to our reversal indicator, there is a greater possibility of a pullback to $59,035, indicating a further 10% drop in BTC price.
(10X Research: Bitcoin will continue to rise after dropping to $63,000, altcoins and meme coins have peaked in the short term.)
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Further reading
10X Research: Bitcoin will continue to rise after dropping to $63,000, altcoins and meme coins have peaked in the short term.
Bitcoin hits $65,000! 10X Research: Bitcoin will break historical highs this week.
