10x Research's Markus Thielen believes Bitcoin has a $60,000 dip ahead of it. He thinks too many things in the global economy are going wrong, which is weighing on Bitcoin.

One major problem is the U.S.-China tariff war right now. China's economy is experiencing declining property prices, weak company profits, and high youth unemployment.

As a result, China may have to weaken its currency (the yuan) to support its economy. But if that happens, it could worsen inflation globally, which would probably drive higher interest rates.

Higher interest rates can often dampen people's and businesses' ability to borrow money, which can translate to less investment in things like Bitcoin. According to Thielen, such an environment is not suitable for Bitcoin .

A weakening of a currency has sometimes helped Bitcoin rise, too. This time, however, is different. Chinese investors have less disposable income and are not as engaged with crypto as they once were.

There is no urgency to buy," Thielen wrote, referring to the lack of aligned monetary or fiscal support. Instead, he highlights a weakening picture of widening credit spreads, waning consumer sentiment, and intensifying global financial stress.

What price levels matter

Bitcoin is hovering around $73,000 at the moment. Below that, the next significant level would be $60,000. If it drops below $60,000, more people could panic, causing a larger sell-off.

Although Bitcoin remains a strong long-term proposition, Thielen thinks it could temporarily stay under pressure. At the time of writing, Bitcoin is trading at $77,298.01 , as per Kraken's price feeds.