10x Research: It is anticipated that Bitcoin will experience larger scale sell-offs in the coming weeks and months

Markus Thielen, the founder of 10x Research, stated in a report: Due to oversupply and lack of solid market fundamentals, concerns persist, posing potential risks for mid-term traders. Last week, before the release of the Consumer Price Index (CPI), Bitcoin seemed to have rebounded from oversold levels and this index was expected to decline. However, as this expectation is widely known and Bitcoin has already risen, prices could not be maintained. This downward inflation trend may continue until October when year-on-year data will pose more challenges. Despite experiencing nearly a 20% correction at its lowest point during the sale of $3 billion worth of Bitcoin in Saxony state in the United States, it has withstood this test. However, larger-scale sell-offs are expected in the coming weeks and months which could further impact the market.