Markus Thielen’s Recommendations for Crypto Holdings
According to Markus Thielen, a crypto analyst, it is recommended for medium to long-term investors to rebalance their portfolios in the next month. Thielen suggests capping each token at 20% for an ideal balanced portfolio. He recommends allocating 20% to Bitcoin, 20% to Ethereum, and smaller percentages to other tokens such as BNB, Solana, XRP, Cardano, Avalanche, Tron, Chainlink, and Polkadot. This diversified strategy has shown similar returns to Bitcoin in the past year.
Bitcoin’s Dominance and Altcoin Performance
Currently, Bitcoin accounts for 41% of trading volumes while Ethereum accounts for 18%. Bitcoin’s dominance remains above 51%, indicating that it is still too early to declare a sustainable shift towards altcoins. In the last 24 hours, Bitcoin and Ethereum have only experienced marginal gains of +1% and +2% respectively. Some altcoins like TIA, BLUR, ASTR, and SEI have performed well this year, while others like APT, LUNC, ALGO, and BSV have declined.
Inflows into BlackRock and Fidelity ETFs
The report states that despite witnessing significant inflows, BlackRock and Fidelity ETFs only recorded a combined daily trading volume of $651 million compared to Bitcoin’s overall volume of $23 billion. This has surprised market participants who expected higher trading volumes from these ETFs. Additionally, some attribute Bitcoin’s recent correction from $44,000 to $38,500 to outflows from Grayscale’s GBTC.
Bitcoin Price Prediction After FOMC
Markus Thielen predicts that Bitcoin will experience a price rally as wave 5 begins, and he forecasts that it will reclaim the $50,000 level by the end of the quarter. However, Thielen expects Bitcoin’s price to consolidate for a few days before starting its rally towards $50,000. He suggests buying Bitcoin above $43,000, despite the minor resistance in the $43,000-$44,000 range. Another trader, Michael van de Poppe, expects Bitcoin to trade within a range of $38,000 to $48,000 with a possible pre-halving rally to $48,000.
Bitcoin’s Recent Performance
In the past 24 hours, Bitcoin has fallen over 2%, with its current trading price at $42,576. The lowest and highest prices within this period were $42,356 and $43,838 respectively.
Hot Take: Bitcoin’s Path Towards Recovery
As investors await cues from the U.S. FOMC meeting and Federal Reserve Chair Jerome Powell’s speech at the FOMC press conference, there is optimism regarding Bitcoin’s future performance. Analysts like Markus Thielen predict a price rally for Bitcoin in the coming months. However, market conditions and investor sentiment can always impact cryptocurrency prices. Therefore, it is important to stay updated on market trends and make informed decisions when managing your crypto portfolio.
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