10X Research Predicts Bitcoin's Decline: Could Reach $50,000?

IconCryptoNewsTerminal Staff04 Jul, 2024

cryptonews.jpg

10X Research Predicts Bitcoin's Decline: Could Reach $50,000?

Markus Thielen, founder of cryptocurrency market analysis firm 10X Research, recently analyzed Bitcoin's price action and predicted a potential decline below $57,000. According to Thielen, if the market continues to correct, Bitcoin could drop as low as $50,000. Thielen cites overbought conditions in the cryptocurrency market and suggests that a correction was imminent. Additionally, the breakdown of support levels from Bitcoin miners and spot ETF buyers could exacerbate the price decrease. Bitcoin has been on a downward trend since reaching an all-time high of over $69,000 in November 2021. The recent analysis from 10X Research provides further evidence of a potential price correction.

Related News