Top Analyst Predicts Bitcoin Price Correction to $63,000, Best Time to Sell Meme Coins

Markus Thielen, CEO of 10x Research, predicted on Saturday that Bitcoin price risks would fall to $63,000 amid a new cautious outlook. He also said that the meme coin mania is now over and investors need to look out to book profits. He is one of the first analysts to accurately predict a drop in BTC price to $38,000 following the spot Bitcoin ETF approval.

Bitcoin and Ethereum prices may continue to decline

Top analyst Markus Thielen revealed the reasons behind the recent price drop in Bitcoin and Ethereum in a newly published report. Concerns surrounding an impending correction were evident due to the weak structure of the Bitcoin market after Bitcoin rose to a new ATH amid low trading volume and low liquidity.

The unpredictable market and volatility given US inflation and employment data. MicroStrategy shares were trading 60-90% overvalued relative to their Bitcoin holdings, and returns suggested a high probability of a correction. Additionally, central bank officials are reluctant to cut interest rates, further dampening market sentiment.

Markus Thielen predicts BTC price will fall to $63,000 before continuing another rally amid slow Bitcoin ETF inflows despite low GBTC selling. Other analysts have also made similar Bitcoin price predictions, suggesting further declines ahead of the Bitcoin halving.

Source: 10X Research

Meanwhile, Ethereum is also showing fundamental weakness following the Dencun upgrade, with Layer 2 chains diluting Ethereum returns. Additionally, the probability of spot Ethereum ETF approval is 30% and weak technical chart patterns suggest consolidation or further decline in ETH price.

ETH price is currently trading at $3,730, down 0.5% in the last 24 hours and down 6% in a week. Trading volume has fallen by 25% in the last 24 hours.

Also Read: Bitcoin ETF Sees $2.5 Billion in Weekly Inflows, Is BTC Price Correction Coming Near FOMC?

The meme coin rally has reached its peak

Bitcoin ETFs continue to provide support, driven by confident buying from BlackRock clients, which also sparked a rally in meme coins, particularly Shiba Inu. South Korea's trading volume has increased in recent weeks, but most of its trading volume has now declined.

In fact, altcoin rallies are closely linked to Ethereum’s bullish momentum. Given the increasing uncertainty, altcoins, including meme coins, may have reached a short-term peak and prices may decline. The decline in South Korean meme coin trading volume also suggests an end to the meme coin mania and the beginning of a broader correction.

CoinGape recently reported that a whale dumped 1 trillion SHIB tokens on a crypto exchange as part of a broader market sell-off.

Also Read: Bitcoin SOPR data shows strong BTC price consolidation for March

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Varinder has 10 years of experience in the Fintech sector, including over 5 years in blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of breakthrough technologies in over 5,000 news stories, articles and articles. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently reporting on the latest updates and developments in the crypto industry.

The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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