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Bitcoin's price is projected to drop below $50,000, driven by accelerating sell flows and a marked decrease in buy flows, according to 10x Research.
10x Research Predicts Bitcoin's Sharp Decline to $50K as Sell Flows Surge
According to the authorities at 10x Research (via Cointelegraph), Bitcoin is expected to decline from over $60,000 on July 4 to below $57,000. This rapid decline may commence and continue to drop to $50,000.
The psychological $60,000 benchmark has been breached, resulting in a substantial shift in market sentiment. According to 10x Research, this shift is attributed to the fact that buy flows have dried up while sell flows are accelerating.
Markus Thielen, an analyst at 10x Research, posits that the downward trajectory was predictable, as stated:
“Our data from early June already hinted at an overbought market ripe for correction.”
Investor sentiment and market liquidity have been significantly affected by the abrupt 5.44% decline in the Bitcoin price, as evidenced by the 57% increase in trading volume and $1.1 billion market capitalization of BTC, respectively.
The price decline could accelerate as sellers scramble to find liquidity and support is broken, as the 10x Research report predicted after the "key level for Bitcoin miners and spot Bitcoin ETF buyers" was breached.
Mt. Gox's anticipated repayments of $8.5 billion in BTC, scheduled to commence in July, coincide with the sell-off.
"Only ill-informed traders are willing to buy here," according to the 10x Research report, following the breach of the $60,000 support.
10x Research Advises Caution as Long-Term Bitcoin Holders Cash In, Intensifying Market Volatility
The 10x Research report maintains a cautious outlook for the price of BTC and recommends that speculators prioritize risk management in anticipation of ongoing volatility.
“We warned that this was not the time to be complacent.”
IT Tech's most recent analysis indicates the downward trend is due to long-term holders cashing in on substantial profits.
On July 3, long-term holders' spent output profit ratio (SOPR) exceeded 10, suggesting that the BTC was sold for at least 10 times the initial purchase price.
According to the analysis, the market's selling pressure has been exacerbated by long-term BTC holders, who typically maintain their holdings for five to seven years.
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