10x Research marks $38K for Bitcoin (BTC)!

10x Research, led by Markus Thielen, stated that there are signs of correction in Bitcoin (BTC) and that $38K can be seen.

The cryptocurrency market has entered a new phase with the approval and trading of spot Bitcoin ETFs. Bitcoin (BTC), the leading cryptocurrency, has turned the spot Bitcoin ETF flow, which has been going on since September, into an opportunity and has risen by more than 150%.

With the approval of spot Bitcoin ETFs, the rise in BTC slowed down. BTC experienced pullbacks as profit-taking and ETF agenda cooled. Eyes are turned to what may happen after spot ETFs. 10x Research, led by Markus Thielen, signaled that the correction in BTC could continue.

Critical scenario for Bitcoin (BTC)

10x Research, led by crypto expert Markus Thielen, has sent a letter to its clients about the trajectory of Bitcoin (BTC). In this letter, possible scenarios about the price of BTC were included.

10x Research, which examines Bitcoin's price patterns and technical indicators, stated that the sell-off in BTC may continue in the near term, and therefore the decline may sharpen. 10x Research reported that a correction in BTC could reveal the $38,000 level.

Mentioning that BTC may fall to $38,000, 10x Research stated that Bitcoin's RSI (Relative Strength Index) deviation signals a correction.

According to Thielen, investors in GBTC, Grayscale's ETF product, may turn to other spot Bitcoin ETFs that offer lower trading fees. According to the note, this could lead to selling pressure on the BTC price.

10x Research reports, "A lot of negative news about the parent company DCG and . Grayscale itself specifically charges a 2.0% management fee for the ETF, which at one point traded at a 50% discount to its net value, thus overcharging GBTC holders ($27 billion market cap)," he said.

10x Research, which thinks that the tension and power struggles in spot Bitcoin ETFs will be reflected in BTC, stated that the BTC analysis also points to bearish momentum. The MACD histogram, which measures the strength of the trend in BTC, went below zero, highlighting the bearish trend.

In a note to clients, 10x Research said investors will sell BTC first before turning to another ETF issuer. The research team claimed that GBTC investors selling BTC would cause downward price pressure.