Crypto Analyst Warns Bitcoin's Impending Correction As Rally Falters: 'We Are Bearish Risk Assets'
Portfolio Pulse from Benzinga Neuro
Markus Thielen of 10X Research, known for accurately predicting Bitcoin's rise, now forecasts a downturn in risk assets, including tech stocks and cryptocurrencies, due to persistent inflation and higher bond yields. Thielen has sold all tech stocks and reduced crypto holdings, citing poor Nasdaq performance and challenging interest rate cut expectations. The adjustment in Fed rate cut expectations and a high 10-year Treasury yield are diminishing the appeal of riskier investments. Despite a 42% YTD gain for Bitcoin and a 17% rise in the CoinDesk 20 Index, the market faces uncertainty, especially with the upcoming Bitcoin halving event.
April 16, 2024 | 11:09 am
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BlackRock Inc., despite its previous endorsement of Bitcoin, is mentioned in a context where finance professionals express skepticism about Bitcoin's long-term viability. This sentiment, coupled with the broader market's bearish outlook, could influence investor perception of BlackRock's stance on cryptocurrencies.
The mention of BlackRock Inc. in the context of skepticism about Bitcoin's long-term viability, especially after its previous endorsement, could lead to a negative short-term impact on BLK's stock. The broader market's bearish outlook on cryptocurrencies and tech stocks, as highlighted by Thielen's analysis, may further contribute to a cautious or negative perception among investors regarding BlackRock's involvement in the cryptocurrency space.
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