According to online reports, Markus Thielen, director of research at 10x Research, said that it may be too early for Bitcoin holders to start optimistic about the long-term impact of a potential economic recession on Bitcoin prices. Thielen said in an April 11 market report that credit spreads continued to widen, indicating that "recession concerns may be deepening into the economy." "It's too early to expect a bullish impulse," he said. While the long-term impact of the recession may be bullish on Bitcoin-as the Federal Reserve usually adopts loose monetary policy after interest rate cuts-Tyrone warned that Bitcoin could face headwinds before gaining bullish momentum. "Thielen said: " Normally, when China devalues or the Federal Reserve cuts interest rates, Bitcoin will sell first, because the impact of the first interest rate cut may not be significant and it also confirms the weakness of the economy.