Warning: Bitcoin’s Correction Potential If ETF Inflows Fall Short: 10x Research

Unveiling a surge in the largest cryptocurrency has turned investor’s heads to the US-based spot bitcoin ETFs. Indeed, the ETFs recorded a gain of $2.6 billion in just five days ended as of March 15th. Nonetheless, crypto analysis firm 10X Research forecasts a drop in the Bitcoin ETF if the ETF inflows fail to meet high expectations.

The 10 ETFs, in aggregate have attracted impressive investments only in the first three days of the previous week, especially Monday when Bitcoin marked $74,000 all-time high prices. Nevertheless, and although BTC remained fairly stable at $67,000, a drop to $65,000 was evident in the weekend.”

Despite its massive expansion, the evolving market is set for the next challenge in this position,” says Markus Thielen, founder of 10X. As the next downside retracement games its way between the extremes of $133 million and $198 million on Thursday and Friday correspondingly, the ETFs will undergo a ‘real test’ on Monday and Tuesday. According to the report, if the inflows disappoint, the prices could plummet back to $59,035, marking a 10% drop.

In a figure taken from the report posted above, Bitcoin presumably left its uptrend, solidifying the claim of Bulls retrenching back. However, Thielen is confident that the market is still bullish and believes Bitcoin will achieve impressive price levels in the coming months. A decent recovery above Bitcoin’s all-time high price, $70,000 could open the pathways to even higher prices, according to the report.

For instance, the British bank Standard Chartered(BK) has raised its expectations and eyes Bitcoin reaching $150,000. However, it would perhaps take four years of expanding markets for Bitcoin to hit $250,000 by the end of 2025.