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10x Research: This decline is a typical correction after the bull market is overbought, and we are still optimistic about the market performance in Q4
BlockBeats news, on September 30, Bitcoin once fell from above $65,000 to a minimum of around $63,200. According to a report from 10x Research, this decline appears to be a typical bull market correction after an overbought situation.
Markus Thielen, founder of 10x Research, said: "In last week's report, we briefly pointed out that BTC seemed overbought in the short term, which was reflected in the rising level of the greed and fear index. The current short-term reversal signal has turned bearish, indicating that a correction may occur in the next few days. ISM manufacturing new orders data show that forward-looking indicators have fallen to near recession levels. This makes tomorrow's data highly uncertain - if the reading falls below 48.0, it may cause Bitcoin to fall again, while higher numbers may push Bitcoin up."
But Markus Thielen also expressed his optimism about Q4. The optimism about the fourth quarter mainly stems from the expectation that the Federal Reserve will cut interest rates by 50 basis points again, and China's recently announced large-scale stimulus measures. The market may get a glimpse of the Fed's plans later today, as Fed Chairman Powell is scheduled to speak on economic issues at the National Association for Business Economics' annual meeting in Tennessee (1 a.m. tomorrow).
BlockBeats Note: The US September ISM Manufacturing PMI and August JOLTs job vacancies data will be released at 22:00 Beijing time tomorrow.
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