Bitcoin Needs to Retest ‘ $40,000s low’ for the best bull market entry — Markus Thielen

A crypto analyst, Markus Thielen, has revealed that the best entry for the bull run is for Bitcoin to retest below the $40,000 price zone.

10X Research CEO Markus Thielen stated that Bitcoin’s price will return below $40,000 soon. The last time Bitcoin price was seen around this price zone was after the launch of spot Bitcoin ETFs.

According to Markus, below $40,000 is the optimal entry point; BTC traders or holders should wait until the price returns $40,000. They can get a sniper entry for the next bull run from that point.

“Our best entry for the next bull run season is below the $40,000s”, after which we would then expect another major rally attempt”. 10x Research head of Research Markus Thielen revealed to Cointelegraph.

The last time BTC traded around $40,000 was Feb. 6, when it traded lows at $42,577, according to CoinMarketCap data.

Is Bitcoin Below $40,000 Possible?

As unfeasible as the news of BTC below $40k seems, Thielen isn't the only one predicting this price action. Other analysts also think Bitcoin could fall into the $40,000s in the next few months.

“$40k and $80k equally likely in the next 60 days,” Cane Island Alternative Advisors founder Timothy Peterson wrote in an Aug. 5 X post.

“If Bitcoin breaks this support, $40k is next,” Crypto Rover told his 808,400 X followers.

“I’d love to see Bitcoin drop to $50K, or even $40K. That would be a perfect opportunity to scoop up some more,” Goldstein Media founder David Gokhstein added.

With different confluence agreeing on BTC dropping below $40k and news of a possible dip in August, we might get to see BTC below $40k before the bull run.

As of the time of this publication, BTC is currently trading around $57,148.55, according to CoinMarketCap.

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