🎬 Why Markus Thielen Says Bitcoin's Pain Isn't Over Yet
On today's Markets Outlook, 10x Research Founder and CEO Markus Thielen tells CoinDesk's Jennifer Sanasie why he sees Bitcoin dropping even more before recovery, with $7B in ETF outflows since mid-May and MicroStrategy stepping back as the last real buyer. Plus, why he stays bearish on Ethereum, why he's calling Hyperliquid overvalued, and why nothing turns around until the Fed goes dovish.
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➤ Analyst Markus Thielen predicts further downside for Bitcoin, targeting $46,000-$47,000 due to significant ETF outflows and a lack of strong buyers, despite MicroStrategy's past support.
➤ The bearish sentiment is driven by macro headwinds, including hawkish Fed policy and rising inflation expectations, which have made Bitcoin a more sensitive macro asset.
➤ The article also touches on RWA developments, mentioning Securitize's growth and RealFi's upcoming stablecoin, but the primary focus is on the broader crypto market's macroeconomic sensitivity and potential for a Q4 recovery if the Fed pivots to a more dovish stance.
#Bitcoin #Ethereum #Markus Thielen #10x Research #ETF outflows #MicroStrategy #Fed #interest rates #Securitize #RealFi #Ledn #JPEG Trading #Hyperliquid
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Thursday, July 9, 2026
Why Markus Thielen Says Bitcoin's Pain Isn't Over Yet
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