Specialists at 10x Research predict a bearish trend for Bitcoin, anticipating a drop below the $57,000 mark from its current stance above $60,000 on Independence Day. They warn that this steep descent might be the onset of a further slump towards the $50,000 threshold.
The retreat from the pivotal $60,000 level down to $50,000 signifies a drastic transformation in investor outlook. This change, according to 10x Research, stems from a reduction in purchasing activity coupled with a surge in sales momentum.
10x Research analyst Markus Thielen foresaw this downturn, remarking on its predictability:
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A precipitous 5.44% decline in Bitcoin’s value has notably influenced market sentiment and fluidity, as evidenced by Bitcoin’s market cap contraction to $1.1 billion and a 57% swell in trade volume.
The 10x Research **analysis** anticipated an intensified drop in Bitcoin’s value upon breaching a critical juncture crucial for miners and conventional Bitcoin ETF investors, leading to a scramble for liquidity as foundational support crumbles.
This downturn aligns with the expected commencement of Mt. Gox’s $8.5 billion Bitcoin reimbursements in July.
Per the 10x Research analysis, post the $60,000 support breach, only the less informed traders seem inclined to invest.
The 10x Research analytical chart illustrates a “Double Top Formation” in Bitcoin’s pricing trajectory since December 2023.
**Further Analysis:**
– Revisiting a $50K Bitcoin deemed ‘improbable’ by market analysts
– Bitcoin’s Price Trajectory
The report from 10x Research adopts a vigilant stance on Bitcoin’s valuation, urging traders to exercise enhanced risk management in anticipation of ongoing market fluctuations.
**Source:**
10x Research
**Additional Context:**
– Bitcoin’s dip to $65K amidst a $400M market liquidation impacting BTC and other cryptocurrencies
– Profit-Taking Amongst Bitcoin’s Long-Term Investors
IT Tech’s recent study attributes the downward trend to long-standing investors realizing significant gains.
**Source:**
CryptoQuant
On the eve of July 3rd, the SOPR metric for long-term Bitcoin holders surpassed a value of 10, signifying sales at over tenfold their initial investment cost.
This analysis indicates that Bitcoin holders, typically maintaining their assets for an average span of five to seven years, are exerting selling pressure on the market.
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