Traders Should Monitor for a Potential Drop Below $25,800, Says Matrixport’s Markus Thielen
In a recent market update, Markus Thielen, the head of research and strategy at Matrixport, a crypto services provider with over $3 billion in assets, shared a cautiously bullish outlook on bitcoin. Here are the key points discussed:
1. Bitcoin experienced a 10% price drop on August 15, testing the support level at $25,000.
2. Many traders are expecting further losses in the coming weeks.
3. Matrixport suggests buying the recent price dip with a tight stop loss.
4. The company expects lower treasury yields and a rally in U.S. tech stocks, leading to a potential bitcoin rally.
5. Traders are advised to monitor bitcoin’s price for a potential drop below $25,800, which would trigger the stop loss on long positions.
As of this update, bitcoin is currently trading at $26,000. It is important for traders to stay vigilant and manage their risk accordingly.
Hot Take
While many traders anticipate continued losses in the bitcoin market, Matrixport’s Markus Thielen suggests a different approach. By closely monitoring the price and implementing a tight stop loss, traders can take advantage of the recent price dip and potentially go long on bitcoin. It will be interesting to see if Thielen’s strategy plays out in the coming weeks.
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