Analyst Shares Ideal Levels to Buy Bitcoin

A leading crypto analyst advises investors to wait for Bitcoin to drop to the low $40,000s before buying, suggesting this could be the best entry point for the upcoming market rally.

Markus Thielen from 10x Research told Cointelegraph that targeting Bitcoin’s price in the low $40,000s might set up investors for the next major bull run. Bitcoin was last seen in this price range in early February.

Currently, Bitcoin is trading at $57,400, up 4.25% in the past 24 hours. Analysts including Timothy Peterson and Crypto Rover predict that Bitcoin could fall to $40,000 soon. David Gokhstein also views a potential drop to $40,000 or $50,000 as an ideal buying opportunity.

Thielen expressed doubts about holding Bitcoin long-term, noting that recent market volatility and the lack of high returns compared to U.S. stocks make it a less attractive option.

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He recommends setting a stop-loss around $54,000 to manage risks, especially given the recent outflows from Bitcoin ETFs and their underperformance compared to their launch price.

Despite significant investments in Bitcoin ETFs, the cryptocurrency has recently fallen below $50,000, approaching its early 2023 levels.

Alexander Stefanov