Crypto analyst Markus Thielen said that cryptocurrency prices could fall in the short term.
10x Research analyst Thielen doesn’t think there is any development that will push cryptocurrency prices up in the short term.
Thielen commented, “We no longer have the typical factors that move prices from $40,000 to the $70,000 area.”.
The analyst pointed to the money flow table in spot Bitcoin ETFs as the reason for this. Exchange data shows net outflows of money for five consecutive days, including the last yesterday.
Thielen said, “It looks like a lot of traditional finance investors are no longer convinced.”
The analyst emphasized that macro conditions need to be favorable for cryptocurrency prices to rise, saying, “What’s really important here is that these ETF flows did not stop when there was no reason, they stopped on March 12 when the consumer price index and producer price index were released.”
Speaking about Bitcoin’s fourth halving, Thielen said, “I almost don’t give any credit to the halving because I don’t think the halving is a major factor. The real thing is the significant macro factors.”.
