Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why
25 Junho 2024 - 12:30PM
NEWSBTC
Bitcoin dropped to as low as $60,000 in the last 24 hours, and
although the flagship crypto has reclaimed that level, crypto
research firm 10x Research predicts that BTC can still go lower
soon enough. The firm also outlined several factors that support
this bearish outlook. Bitcoin Could Drop To As Low As $50,000
10x Research’s lead analyst Markus Thielen mentioned in the report
that Bitcoin could drop to as low as $50,000. He highlighted a
topping formation for the flagship crypto that could lead to this
steep decline. Thielen noted how Bitcoin had been range trading for
a while now, a pattern that is often marked by several false
breakouts. Related Reading: SkyBridge Capital’s Scaramucci
Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate
Wins However, with BTC shifting into a topping formation, the
research warned that such a pattern has usually left “the average
retail investors vulnerable, with many altcoins experiencing
significant drops” alongside Bitcoin. Thielen further highlighted
$61,500 as an important price level that Bitcoin needs to hold
above, as the flagship crypto trading below this level will confirm
the potential drop to $50,000. 10x Research also mentioned
several factors that support this bearish outlook. One is the lack
of new money flowing into the crypto market. Instead, there have
been net outflows with the US Spot Bitcoin ETFs, for example,
recording $1.2 billion in net outflows since June 10. Traders have
also suffered significant liquidations, with $0.8 billion and $0.9
billion in Bitcoin and Ethereum positions wiped out from the crypto
market this past week. Ethereum’s low network activity is
another factor supporting 10x Researh’s bearish Bitcoin outlook.
Transaction fees on Ethereum are currently at their lowest since
2020, suggesting that investors haven’t 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 concerning considering
the amount of sell pressure these miners can put on BTC. These
miners are already reported to have sold over 30,000 BTC ($2
billion) this month, contributing to Bitcoin’s decline.
History Suggests BTC Won’t Drop To As Low As $50,000 Crypto analyst
Rekt Capital recently mentioned that Bitcoin should be able to hold
above $60,000 based on its historical patterns. He stated that BTC
has never lost its re-accumulation range low as support in the
post-halving period, with $60,000 currently serving as the
re-accumulation range low. Related Reading: Analysts Battle
Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? Meanwhile,
Rekt Capital mentioned that a longer bull run is on the cards,
seeing as Bitcoin’s rate of acceleration has already dropped from
260 days to 160. He also noted that Bitcoin has continued to reduce
the rate of acceleration in this cycle through this consolidation
in the reaccumulation range. Featured image created with
Dall.E, chart from Tradingview.com
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