Bitcoin The flagship cryptocurrency has recovered that value, but the crypto research company believes the market is still at a low level. 10x Research BTC is expected to continue falling in the near future. It also listed several reasons why this outlook is bearish.
Bitcoin may drop as low $50,000
Markus Thielen is the 10x Research lead analyst who was quoted in the report Bitcoin’s price could fall to $50,000. He underscored a topping formation The flagship cryptocurrency could cause this sharp decline. Thielen pointed out that Bitcoin has been trading in a range for some time, which is often characterized by false breakouts.
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The research warns that when BTC shifts into a top formation, it has typically left the “the average retail investors vulnerable, with many altcoins experiencing significant drops” Together with Bitcoin. Thielen highlighted that Bitcoin must hold above $61,500 to confirm its value, and that it cannot trade below. potential drop to $50,000.
Tenx Research has also cited several other factors to support their bearish view. The lack of money entering the market is one factor. There have instead been net outflows. The US Spot Bitcoin ETFS, for instance, recorded $1.2 billion of net outflows from June 10 to date. The traders have suffered as well significant liquidationsThe crypto market has lost between $0.8 and $0.9 billion of Bitcoin and Ethereum this week.
Ethereum’s lack of network activity also supports 10x Researh’s bearish Bitcoin forecast. Ethereum’s transaction fees are at their lowest levels since 2020. It suggests investors haven’t been interested in trading on Ethereum for some time now, despite Dencun. upgradeGas prices were reduced by.
These miners have already reached break-even cost, and this is concerning because of the pressure they can exert on BTC. The miners have already begun to sell BTC. reported Bitcoin has declined due to the sale of over 2 billion BTC (30,000 BTC) in this month.
BTC’s Price History Doesn’t Support a Drop Below $50,000
Crypto analyst Rekt Capital Bitcoin was recently discussed as a currency that could potentially be used for e-commerce. hold above $60,000 Based on the historical pattern. He said that BTC’s re-accumulation support low of $60,000 has not been lost in post-halving periods.
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Rekt Capital has also stated that the aforementioned a longer bull run Bitcoin’s acceleration rate has dropped to 160 days from 260. He noted that Bitcoin’s rate of acceleration has also continued to decrease in this cycle. consolidation In the range of reaccumulation.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com