Why Markus Thielen Says Bitcoin's Pain Isn't Over Yet

Summary

Markus Thielen expects Bitcoin to dip to $46–47K before a year-end rally to $60–65K, driven by ETF outflows and no real buyer. He stays bearish on Ethereum due to lack of value accrual and unattractive staking yields. He also calls Hyperliquid overvalued at $72 and recommends selling covered calls on Bitcoin. A Fed dovish pivot is seen as the necessary catalyst for any sustained upturn.

• Bitcoin predicted to decline to $46–47K on ETF outflows and absent buyers, then rally to $60–65K.
• $7B in ETF outflows since mid-May and MicroStrategy’s buying slowdown contribute to bearish pressure.
• No near-term catalyst; a Fed dovish shift is required for a durable rally.
• Ethereum remains bearish: onchain activity does not benefit holders, staking yields trail Treasuries.
• Hyperliquid (HYPE) considered overvalued at $72 with weak trading volumes and buybacks.
• Selling covered calls on Bitcoin is suggested as a yield stream in the current low-volume market.
• A buying opportunity below $50K on Bitcoin is targeted for a later upside move.