Bitcoin Price To Go Down? Expert Raises Concerns Amid ETF Expectations

• Markus Thielen expressed concerns about the current state of the Bitcoin market.
• Matrixport expected a strong rally in 2023’s fourth quarter; however, by mid-December, warned about a consolidation in prices.
• One of Matrixport’s trading models indicated a bearish signal for Bitcoin for the first time since August.

Markus Thielen from Matrixport expressed concerns about the current state of the Bitcoin market, particularly concerning the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin ETF.

Matrixport, one of the world’s largest digital asset platforms, shared a recent interview between Thielen and CoinDesk Podcast, highlighting Bitcoin’s recent price movements as the market anticipates the Bitcoin ETF approval decision. 

According to the notification, Matrixport issued a client-only research note on January 3. It highlighted an opportunity to insure portfolios for 1.6% using put options over the next ten days.

Initially, Matrixport expected a strong rally in the fourth quarter (Q4) of 2023. However, by mid-December, they warned about a consolidation in prices. The firm maintained a positive outlook for the new year, but the…

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