Bitcoin Could Drop to $55,000 Before Bottom, 10x Research Says
10x Research founder Markus Thielen warns bitcoin could fall to $55,000 due to a strong US dollar and hawkish Fed policy, but sees eventual recovery.
Bitcoin could fall to $55,000 before finding a bottom, according to 10x Research founder Markus Thielen, who points to a strengthening US dollar and a hawkish Federal Reserve as key headwinds.
The call comes as bitcoin trades around $61,200, with Thielen arguing that further downside is likely before the current bear market runs its course. The primary driver is the recent strength of the US dollar, which historically acts as a headwind for bitcoin and other risk assets. The outlook has been reinforced by the Federal Reserve's hawkish turn under new Chair Kevin Warsh, with markets increasingly debating whether the Fed's next move could be a rate hike rather than a cut. This backdrop has supported the dollar and weighed on cryptocurrencies. For traders monitoring these dynamics, NowPrice's crypto page provides real-time pricing context for bitcoin and other digital assets.
Despite the near-term bearish view, Thielen does not expect the downturn to last indefinitely. He points to three separate indicators — global liquidity trends, the macro calendar, and bitcoin's seasonal patterns — that suggest a potential recovery later in the year. However, the immediate path remains uncertain as the dollar strength and Fed policy continue to pressure risk assets. Traders should watch for key support levels around $55,000 and monitor upcoming US economic data that could influence the Fed's next moves.