Bitcoin Crypto research firm, Crypto Research, says that the price of the leading crypto, Bitcoin, has dropped as low as $60,000. 10x Research BTC will still be able to go down in price soon. It also listed several reasons why this outlook is bearish.
Bitcoin may drop as low $50,000
Markus Thielen, the lead analyst at 10x Research, was mentioned in this article. report Bitcoins could even drop below $50,000. He highlighted the importance of 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 usually marked 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 also highlighted $61,500, the price at which Bitcoin must trade above to confirm its value. potential drop to $50,000.
Tenx Research has also cited several other factors to support their bearish view. A lack of fresh money in the cryptomarket is one reason for this. Net outflows have occurred, with US Spot Bitcoin Exchange Traded Funds recording $1.2billion in net withdrawals since June 10, for example. Trading has also been hit. 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 supports 10x Researh’s negative Bitcoin outlook. Ethereum’s transaction fees are at their lowest levels since 2020. Investors haven’t traded on the Ethereum network in a long time, despite Dencun upgrade that helped reduce gas fees.
These miners have already reached break-even cost, and this is concerning because of the pressure they can exert on BTC. They are already reported Bitcoin has declined due to the sale of over 2 billion BTC (30,000 BTC) in this month.
The History of Bitcoin suggests that it won’t drop to as low as $50,000
Crypto analyst Rekt Capital Bitcoin was recently discussed as a currency that could potentially be convertible into other currencies. hold above $60,000 The historical pattern of the currency is what we should be looking at. According to him, BTC never lost the support of its reaccumulation low in the period following the halves. $60,000 is the current reaccumulation low.
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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 added that Bitcoin had continued to slow down the acceleration rate in this cycle. consolidation In the reaccumulation area.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
