BTC Halving Is Not a Bullish Event [Video]

Bearish signals are looming over the crypto market these days and will almost certainly push prices down in the short term, well-known research analyst Markus Thielen said.

Thielen, who has previously predicted many bull and bear rallies in crypto, currently sees no catalysts that would bring prices up again, he said on CoinDesk’s Markets Daily podcast.

“We don’t have the typical drivers anymore that really brought prices from the $40,000 to the $70,000 region,” he said. The main reason behind this, he added, is the spot bitcoin ETFs, which have seen little to no new inflows over the past few weeks as investors have moved past the initial euphoria of the January launch.

“It seems that a lot of the TradFi investors aren’t biting anymore,” Thielen said.

Both the slowdown of flows into the ETFs and the recent sell off in crypto assets, however, are a result of a much bigger story, argued Thielen. …