Bitcoin ETF

Bitcoin

According to experts at 10x Research, Bitcoin is poised to fall below $57,000 from over $60,000 on July 4. They suggest that this sharp decline may just be beginning, potentially dropping further to $50,000.
Breaking the psychological $60,000 benchmark toward $50,000 marks a significant shift in market sentiment, which 10x Research attributes to buy flows drying up “while sell flows are accelerating.”&nbsp;
Markus Thielen, an analyst at 10x Research, suggests that the downward spiral was foreseeable, stating:
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 “Our data from early June already hinted at an overbought market ripe for correction.”&nbsp;
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoin-down-21-all-time-high-50k-btc-next">Bitcoin down 20%+ from all-time highs — Is BTC price headed to $50K?</a>
<h2 data-ct-non-breakable="true" id="bitcoin-investor-implications">Bitcoin investor implications&nbsp;</h2>
The sudden 5.44% fall in the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price has substantially impacted investor sentiment and market liquidity, reflected in BTC’s $1.1 billion market capitalization and 57% increase in trading volume.
By breaking the “key level for Bitcoin miners and spot Bitcoin ETF buyers,” the 10x Research <a href="https://mail.10xresearch.co/p/bitcoin-crashing-50000-prepared" target="_blank" rel="noopener nofollow">report</a> foresaw that the price decline “could accelerate as support gets broken and sellers scramble to find liquidity.”
The sell-off <a href="https://cointelegraph.com/news/mt-gox-bitcoin-dump-fear-concern-overblown-analysts">coincides with the anticipated Mt. Gox repayments</a> of $8.5 billion worth of BTC, which were set to begin in July.
According to the 10x Research report, having broken the $60,000 support, “only ill-informed traders are willing to buy here.”&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0851e0de-a44c-4bba-b5c2-6a1482afbc17.png" alt="" title="">
 <figcaption style="text-align: center;">
 10x Research report analysis chart depicting a “Double Top Formation” for the Bitcoin price since December 2023. Source: 10x Research
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Related: <a href="https://cointelegraph.com/news/bitcoin-price-liquidations-dylan-leclair-crypto-analyst">Bitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst</a>
<h2 data-ct-non-breakable="true" id="bitcoin-price-expectations">Bitcoin price expectations</h2>
The 10x Research report maintains a cautious outlook for the price of BTC, advising traders to prioritize risk management in preparation for continued volatility.&nbsp;
<blockquote data-ct-non-breakable="true">
 “We warned that this was not the time to be complacent.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/26139daa-1864-48c1-9567-a3485d6f7de1.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/10x_Research/status/1808770146741133628" target="_blank" rel="noopener nofollow">10x Research</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-falls-to-65k-as-400m-crypto-market-liquidation-rocks-btc-and-altcoins">Bitcoin price falls to $65K as $400M crypto market liquidation rocks BTC and altcoins</a>
<h2 data-ct-non-breakable="true" id="bitcoin-long-term-holders-take-profits">Bitcoin long-term holders take profits</h2>
<a href="https://cryptoquant.com/insights/quicktake/668651361fe1d9469fd6f919-Long-Term-Bitcoin-Holders-Realize-Significant-Profits-Contributing-to-Price-Decl" target="_blank" rel="noopener nofollow">According</a> to a recent analysis from IT Tech, the downward trend is attributable to long-term holders cashing in on substantial profits.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/8d4ec87b-d099-43fa-9ff9-26fe60665b30.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/cryptoquant_com/status/1808798264273039546" target="_blank" rel="noopener nofollow">CryptoQuant</a>
 </figcaption>
</figure>
On July 3, the spent output profit ratio (SOPR) from long-term holders exceeded a value of 10, indicating that the BTC was sold for at least 10 times the initial purchase price.
According to the analysis, long-term BTC holders, who typically retain their holdings for roughly five to seven years, have contributed to the selling pressure in the market.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-ethereum-etf-thomas-fahrer/">Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer, X Hall of Flame</a>

Bitcoin will crash to $50K, 10x Research warns

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