bitcoin fell as low as $60,000 in the last 24 hours, and although the flagship cryptocurrency has regained that level, crypto research firm bitcoin-etf-matrixport-10x-research-rejection/” rel=”nofollow”>10x Research predicts that btc may still go down soon enough. The firm also outlined several factors supporting this bearish outlook.
bitcoin could fall to as low as $50,000
10x Research principal analyst Markus Thielen mentioned in the bitcoin-double-top-time-panic-low-prices-plunge?utm_source=mail.10xresearch.co&utm_medium=newsletter&utm_campaign=bitcoin-double-top-is-it-time-to-panic-how-low-prices-could-plunge” rel=”nofollow”>report that bitcoin could fall to $50,000. He highlighted a bitcoin-may-be-topping-out-after-buyers-lost-a-key-level/” rel=”nofollow”>coverage formation for the flagship cryptocurrency that could lead to this sharp drop. Thielen noted how bitcoin had been trading in a range for a while, a pattern that is often marked by several false breakouts.
Related reading
However, with btc moving towards a higher formation, the research warned that such a pattern has generally left “the average retail investors vulnerable, and many altcoins experience significant declines” along with bitcoin. Thielen further highlighted $61,500 as an important price level that bitcoin must maintain above, as flagship crypto trading below this level will confirm the bitcoin-50000-this-week-matrixport/” rel=”nofollow”>potential drop to $50,000.
10x Research also mentioned several factors supporting this bearish outlook. One 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. Operators have also suffered crypto-futures-liquidations-150m-bitcoin-plummets/” rel=”nofollow”>significant settlementswith $0.8 billion and $0.9 billion in bitcoin and ethereum positions removed from the crypto market last week.
Low ethereum network activity is another factor supporting 10x Researh's bearish bitcoin outlook. Transaction fees on ethereum are currently at their lowest level since 2020, suggesting that investors have not been interested in trading on the network for a while despite the Dencun upgrade, which helped reduce gas rates.
Many bitcoin miners are also said to be approaching breakeven costs, which is also concerning considering the amount of selling pressure these miners can put on btc. These miners are already bitcoin-price-tragic-june/” rel=”nofollow”>reported having sold more than 30,000 btc ($2 billion) this month, contributing to the fall of bitcoin.
History Suggests btc Won't Drop to Just $50,000
bitcoin-price-will-recover-again/” rel=”nofollow”>crypto Analyst Rekt Capital recently mentioned that bitcoin should be able bitcoin-model-predicted-60k-peak-points-732k/” rel=”nofollow”>stay above $60,000 based on their historical patterns. He claimed that btc has never lost its reaccumulation range low as support in the post-halving period, with $60,000 currently serving as the reaccumulation range low.
Related reading
Meanwhile, Rekt Capital mentioned that a bitcoin-bull-market-glassnode/” rel=”nofollow”>longest bull run is at stake as bitcoin's acceleration rate has already fallen from 260 days to 160. He also noted that bitcoin has continued to reduce the acceleration rate in this cycle throughout this consolidation in the reaccumulation range.
Featured image created with Dall.E, chart from Tradingview.com
