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



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. 

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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


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. 

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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

Source:
X


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

FreeBitcoin Banner  


consolidation


in
the
reaccumulation
range. 

BTC
price
makes
its
way
to
$61,000
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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