Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why

Bitcoin After falling to as low as $60,000 in the past 24 hours, the flagship cryptocurrency has regained that level, but cryptocurrency research firm 10x Research The firm predicts that BTC may soon see further declines. The firm also outlined several factors that support this bearish outlook.

Bitcoin could fall to $50,000

Markus Thielen, principal analyst at 10x Research, said: report He said Bitcoin could fall to as low as $50,000. Topping Formation Leading cryptocurrency Bitcoin could be the catalyst for this sharp decline. Seelen noted that Bitcoin has been trading in a range for some time now, a pattern that is often marked by multiple false breakouts.

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However, with BTC moving into a peak, the study concluded that such a pattern usually occurs ” The average retail investor Thielen further highlighted $61,500 as a key price level that Bitcoin needs to sustain, as a drop below this level would likely trigger a decline in the leading cryptocurrency. It could fall to $50,000..

10x Research also cited several factors that support this bearish outlook. One is the lack of new money flowing into the crypto market. Instead, it is experiencing net outflows, with the U.S. Spot Bitcoin ETF, for example, recording a net outflow of $1.2 billion since June 10. Traders are also suffering. Large-scale liquidationLast week, $800 million and $900 million worth of Bitcoin and Ethereum positions, respectively, were wiped out from the cryptocurrency market.

Low Ethereum network activity is another factor supporting 10x Researh’s bearish outlook for Bitcoin. Ethereum transaction fees are currently at their lowest since 2020, indicating that investors have not been enthusiastic about transacting on the network for some time, despite Dencun upgrades that helped lower gas fees.

Many Bitcoin miners are also said to be close to breaking even, which is also a concern given the amount of selling pressure these miners are exerting on BTC. report He is believed to have contributed to Bitcoin’s decline by selling more than 30,000 BTC ($2 billion) this month.

History Suggests BTC Won’t Fall to $50,000

Crypto Analyst Rekt Capital Recently, Bitcoin Hold more than $60,000 Based on historical patterns, he said that BTC has never lost the low of the reaccumulation range as support after the halving, with $60,000 currently acting as the low of the reaccumulation range.

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Source: X

Meanwhile, Recto Capital: A prolonged bull market Given that Bitcoin’s acceleration rate has already dropped from 260 days to 160 days, it’s possible that Bitcoin’s acceleration rate is continuing to decrease. Integration Within reaccumulation range.

Bitcoin price chart from Tradingview.com
BTC Price Rise to $61,000 | Source: BTCUSD on Tradingview.com

Featured image created by Dall.E, chart taken from Tradingview.com

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