10x Research: This decline is a typical correction after the bull market is overbought, and we are still optimistic about the market performance in Q4

Odaily reports that today Bitcoin briefly fell from above $65,000 to around the lowest level of $62,200. According to a report by 10x Research, this decline seems to be a typical bull market correction after an overbought condition. Markus Thielen, the founder of 10x Research, stated: "In last week's report, we briefly pointed out that BTC appears to be overbought in the short term, as reflected in the rising levels of the Greed & Fear Index. The current short-term reversal signals have turned bearish, indicating that a correction may occur in the next few days. The ISM manufacturing new orders data shows that the forward-looking indicator has fallen to near-recessionary levels. This makes tomorrow's data highly uncertain - if the reading falls below 48.0, it may lead to another BTC decline, while higher numbers may drive BTC higher." However, Markus Thielen also expressed his optimism for Q4, with the optimism for the fourth quarter mainly stemming from the expectation that the Federal Reserve will cut rates by another 50 basis points, as well as China's recent announcement of large-scale stimulus measures. The market may learn about the Federal Reserve's action plan later today, as Federal Reserve Chairman Powell is scheduled to speak on economic issues at the National Business Economics Association's annual meeting in Tennessee (1 am tomorrow).