Bitcoin price experienced a downward turn as the Asian markets opened, following several days of warnings. With US markets closed for a holiday today, the impact of ETF sales will be seen tomorrow. 10x Research experts have shared their predictions for cryptocurrencies amid the recent decline, which align with their previous assessments and offer a potential projection for the future.
Article Contents:
How Far Will Bitcoin Fall?
What Can be Expected in the Cryptocurrency Market?
How Far Will Bitcoin Fall?
Altcoin sales have reached alarming levels, causing BTC to drop to $56,952. We have already provided evaluations throughout the day regarding the reasons behind losing the crucial $60,000 support. The main concern now is whether the sales will further decline to $50,000 or even lower. Stay updated with the latest technology news on NEWSLINKER.
Markus Thielen, an analyst at 10x Research, has highlighted the risks of a series of downward drops, stating:
Daily slides exceeding 5% have led to a 57% increase in trading volume, and investors have clearly resorted to panic selling.
What Can be Expected in the Cryptocurrency Market?
Markus Thielen believes that only uninformed investors would be willing to buy after the $60,000 support has been broken. Today’s analysis report, which shares the formation of a double top, advises prioritizing risk management. Accordingly, BTC may enter a recovery trend after experiencing deeper losses because the return of MTGOX and government BTC sales, in addition to the fear, uncertainty, and doubt (FUD), create a significant surplus in supply along with miner sales.
On July 3, the long-term investors’ spent output ratio (SOPR) exceeded 10. This indicates that the sold BTCs are being disposed of at least 10 times their initial purchase price. This suggests that holders of 5-7 years might have been caught up in the recent selling frenzy.
Furthermore, some experts who monitor large on-chain BTC movements suggest that the return of MTGOX might have genuinely begun in July. While the macroeconomic situation is improving for investors, the recent events can only be described as unfortunate.
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Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
