Bitcoin could fall to $55,000 before finding a bottom, 10x Research says

Thielen's call centers on the recent strength of the U.S. dollar, which historically acts as a headwind for bitcoin. The outlook has been reinforced by the Federal Reserve's hawkish turn under new Chair Kevin Warsh. Markets are increasingly debating whether the Fed's next move could be a rate hike rather than a cut, a backdrop that has supported the dollar and weighed on assets.

Still, Thielen doesn't expect the downturn to last indefinitely.

Three separate indicators — global liquidity trends, the macro calendar and bitcoin's seasonal patterns — all point to a potential market low between late August and October.