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Bitcoin It fell to as much as $60,000 in the last 24 hours, and although the major cryptocurrency has regained this level, the cryptocurrency research firm… 10x search It expects that BTC could still fall soon enough. The company also identified several factors that support this bearish outlook.
Bitcoin price may drop to $50K
Markus Thelen, chief analyst at 10x Research, said in… a report That Bitcoin may fall to $50,000. A. highlighted Topping formation For major cryptocurrencies that could lead to such a sharp decline. Thielen pointed out how Bitcoin has been trading in a range for a while now, a pattern that is often characterized by several false breakouts.
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However, with BTC turning into a top formation, the research warned that such a pattern usually leaves the “formation.” Average retail investors Weak, with many altcoins seeing significant declines” alongside Bitcoin. Thielen also highlighted the $61,500 level as an important price level that Bitcoin needs to hold above, as major crypto trading below this level will confirm Possible drop to $50,000.
10x Research also mentioned several factors that support this bearish outlook. The first is the lack of new money flowing into the cryptocurrency market. Instead, there have been net outflows with US spot bitcoin ETFs, for example, recording $1.2 billion in net outflows since June 10. Traders also suffered Great qualifiersWith $0.8 billion and $0.9 billion worth of Bitcoin and Ethereum positions removed from the cryptocurrency market last week.
Low Ethereum network activity is another factor supporting 10x Researh’s bearish Bitcoin prediction. Ethereum transaction fees are currently at their lowest levels since 2020, suggesting that investors have not been keen on trading on the network for a while now despite the Dencun upgrade, which helped lower gas fees.
Many Bitcoin miners are also said to be approaching break-even costs, which is also worrying given the amount of selling pressure these miners can put on Bitcoin. These workers already mentioned It sold more than 30,000 Bitcoin ($2 billion) this month, contributing to Bitcoin’s decline.
History suggests that BTC will not drop to $50,000
Cryptocurrency analyst Rekt Capital I recently mentioned that Bitcoin should be able to do this Holding more than $60,000 Based on their historical patterns. He stated that BTC never lost the low of the reaccumulation range as support in the post-halving period, with $60,000 currently acting as the low of the reaccumulation range.
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Meanwhile, Rekt Capital reported that A The bull race is longer It is possible, given that Bitcoin’s acceleration rate has already dropped from 260 days to 160 days. He also pointed out that Bitcoin continued to reduce its rate of acceleration during this cycle. Merger In the scope of reaccumulation.
Featured image created with Dall.E, chart from Tradingview.com
