There is a lot of fear in the crypto market. Bitcoin (BTC) suddenly fell sharply in value today. This had everything to do with a negative prediction and a chain reaction that followed. The analyst who made this negative prediction is now clarifying his position.
Number of Bitcoins on crypto exchanges again at low point
Bitcoin news
Bitcoin exchange funds still rejected?
The approval of the first US Bitcoin exchange funds (ETFs) has seemed almost certain for some time. For example, you can read predictions here and there that the chance of the first ETF being approved is 90%.
However, Matrixport analyst Markus Thielen recently suddenly expressed negative expectations. He assumes that all means will be rejected. This caused a huge shockwave.
The result was a plummeting Bitcoin price, accelerated by a large number lung-Liquidations. The price fell to a low of $40,200.
The analyst explains his point of view
BTC price is now recovering. But there is still a lot of uncertainty and ambiguity.
It was not clear where the analyst's sudden negative turn came from. ETF expert Eric Balchunas therefore asked Thielen about X:
“Hi Markus, I saw the “rejection” prediction and I’m curious: are you basing this on any sources (e.g. publishers or insiders at the SEC) or is it more your opinion/view of things?”
In an answer, Thielen provides clarity:
“My report is not based on the issuer or on comments from SEC insiders. Of course, this completely contradicts the consensus. I think the SEC will reject it. And yes, after being the biggest optimist all year (I predicted 45,000 by Christmas on February 1st), today I went pessimistic, but the arguments were already there.”
My report is not based on issuers or SEC insider commentary. Obviously, this massively contradicts the consensus. I think the SEC will vote against it. And yes, after being the biggest bull all year (predicting 45,000 by Christmas on February 1st), I turned pessimistic today, but the arguments were there
— Markus Thielen (@thielen10x) January 3, 2024
In short, it seems to be all about your own opinion and expectations. According to Thielen, there are no direct signals of this insider that affected his thoughts. In his opinion, he seems to highlight the political reluctance that currently exists at the SEC.
In response, Balchunas said he completely disagreed. According to him, a rejection would be strange considering that the regulator has been in contact and working with publishers for months.
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