10X Research Predicts Bitcoin Price Correction Due to On-Chain Indicators and Miner Selloffs
CryptoNewsTerminal Staff03 Jul, 2024
10X Research Predicts Bitcoin Price Correction Due to On-Chain Indicators and Miner Selloffs
Marcus Thielen, founder of crypto market analysis firm 10X Research, suggests that Bitcoin (BTC) might face a price correction in the coming days. He analyzed on-chain indicators, miner selloffs, and market structure to conclude that downward pressure on BTC price is likely to dominate upward pressure. This means that factors like the upcoming US election and expectations of a rate cut may not be enough to sustain a bullish rally. If BTC falls below the $60k-$61k support, it could trigger mass liquidations, leading to a further price decline.