Bitcoin may drop to as low as $50,000 in the next weeks due to macroeconomic uncertainty, stated Markus Thielen. He believes the halving might not boost prices as historical trends were driven by a better macro environment.
Markus Thielen pointed out the lack of catalysts to drive Bitcoin prices up, attributing the current bearish signals to the spot Bitcoin ETF inflows halting and traditional finance investors losing interest.
Thielen highlighted the correlation between ETF flows slowing down around March 12 with the release of the consumer price index and producer price index, indicating a larger impact of the macroeconomic environment on Bitcoin prices.
The slowdown of ETF flows and recent crypto asset sell-off are seen as part of a bigger story influenced by the macro environment, rather than isolated events, according to Thielen.
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