Markus Thielen added, “Since June, the first week of each month (when the U.S. ISM manufacturing data is released) has been characterized by a 10% drop in prices. This decline is consistent with that pattern.” The report for September is set to be released on October 1, and it is expected to indicate that manufacturing data will continue to tighten in the final month of the third quarter. “The ISM manufacturing data shows that leading indicators have dropped to near recession levels, which makes tomorrow’s data full of uncertainty. If it falls below 48.0, it could cause Bitcoin to drop again, while a higher number might drive a rebound,” said Markus Thielen. However, 10x Research maintains a bullish outlook for the fourth quarter, with much of the optimism stemming from expectations that the Federal Reserve will cut rates by another two basis points and China’s recent announcement of large-scale stimulus measures.
Is Bitcoins Sudden Plunge Not Over Yet 10x Research Warns of Two Potential Downturns in the Coming Week