PANews reported on April 11 that according to Cointelegraph, Markus Thielen, head of research at 10x Research, said that it may be too early for Bitcoin investors to be optimistic about the long-term impact of the economic recession on Bitcoin prices. On April 11, he pointed out in a market report that credit spreads continued to widen, indicating that concerns about the economic recession are penetrating the economy. He said: "It is too early to expect bullish momentum now."

Although a recession could be bullish for Bitcoin in the long run due to monetary easing after the Fed cuts rates, Thielen warns that Bitcoin could face resistance before it can gain bullish momentum. He said Bitcoin is usually sold off first when China devalues its currency or the Fed cuts rates, as the first rate cut has limited impact and confirms economic weakness. Historically, Bitcoin has experienced greater downward pressure and longer recovery times when credit spreads widen. This suggests that while there may be opportunities in the long run, Bitcoin could still be under pressure in the short run. However, currency devaluation is bad for the market in the short run, but good for the long run.