10x Research: This decline is a typical correction after the bull market is overbought, and we are still optimistic about the market performance in Q4

By: blockbeats|2024/10/22 15:04:33
0
Share
copy

BlockBeats news, on September 30, Bitcoin once fell from above $65,000 to a minimum of around $63,200. According to a report from 10x Research, this decline appears to be a typical bull market correction after an overbought situation.

Markus Thielen, founder of 10x Research, said: "In last week's report, we briefly pointed out that BTC seemed overbought in the short term, which was reflected in the rising level of the greed and fear index. The current short-term reversal signal has turned bearish, indicating that a correction may occur in the next few days. ISM manufacturing new orders data show that forward-looking indicators have fallen to near recession levels. This makes tomorrow's data highly uncertain - if the reading falls below 48.0, it may cause Bitcoin to fall again, while higher numbers may push Bitcoin up."

But Markus Thielen also expressed his optimism about Q4. The optimism about the fourth quarter mainly stems from the expectation that the Federal Reserve will cut interest rates by 50 basis points again, and China's recently announced large-scale stimulus measures. The market may get a glimpse of the Fed's plans later today, as Fed Chairman Powell is scheduled to speak on economic issues at the National Association for Business Economics' annual meeting in Tennessee (1 a.m. tomorrow).

BlockBeats Note: The US September ISM Manufacturing PMI and August JOLTs job vacancies data will be released at 22:00 Beijing time tomorrow.

-- Price

--

You may also like

Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market

Overview of Important Market Events on June 8th

Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle

In-depth analysis of the "reflexivity" bubble trap in storage stocks: Beware of the backlash from the bullwhip effect and the false narrative of high growth; do not let the short-term myth of wealth become a wealth abyss that cannot be recovered for 25 years.

Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."

The major reshuffle has just begun.

$75 billion in foreign capital has fled, and South Korean retail investors have absorbed it all using leverage

Despite the accelerated migration of Korean funds from cryptocurrency to the stock market, the Korean market remains an important barometer for global cryptocurrency retail liquidity and recovery turning points.

Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026

MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.

Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million

Humanity said the H token attack across Ethereum and BSC caused more than $36 million in losses after leaked ProxyAdmin keys enabled malicious contract upgrades and token minting.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com