10x Research predicts Bitcoin (BTC) could plummet to $50,000, citing diminishing buying activity and escalating selling pressure. This bearish outlook follows Bitcoin's recent decline below $60,000, a psychological threshold. Experts attribute the drop to drying up buy flows and accelerating sell flows, a trend observed as early as June. The report highlights the significance of Bitcoin breaking the $60,000 support level, potentially triggering further price drops as investors seek liquidity. This bearish trend coincides with Mt. Gox's imminent repayment of $8.5 billion worth of BTC, which could further fuel selling. Long-term holders are also contributing to the downward pressure by cashing out significant profits, with Spent Output Profit Ratio (SOPR) exceeding 10, indicating BTC sold at a profit exceeding 10 times the initial purchase price. 10x Research recommends traders exercise risk management in light of the anticipated market volatility, warning against complacency.
Cointelegraph•1 year ago•
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Bitcoin Plunge to $50,000? 10x Research Issues Warning
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Summary:
10x Research predicts a potential Bitcoin (BTC) crash to $50,000.
The decline is linked to drying up buy flows and accelerating sell flows.
Breaking the $60,000 support level could trigger further price drops.
The sell-off coincides with the anticipated Mt. Gox repayments of $8.5 billion worth of BTC.
Long-term holders are cashing out profits, contributing to selling pressure.
10x Research advises traders to prioritize risk management due to anticipated volatility.
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