Bitcoin and cryptocurrency markets have experienced a major collapse in the last 24 hours. While the Bitcoin price fell below $60,000, a total of $200 billion has been deleted from the cryptocurrency market since July 1.
While this decline in Bitcoin also affects the altcoin market, especially Ethereum, ETH increased by 4.5% in the last 24 hours; Solana (SOL) 7.5%; Telegram-linked Toncoin (TON) 7.3%; BNB fell by 5.9% and Dogecoin (DOGE) by 7.6%.
While the decline made investors nervous, 10x Research founder Markus Thielen predicted that Bitcoin would fall to $ 50,000 in his current analysis.
Thielen expects Bitcoin to fall below $57,000, with the price potentially reaching $50,000.
According to the analyst, the recent declines indicate a significant market change as purchasing flows decrease and sales flows accelerate.
Markus Thielen reminds that the data at the beginning of June showed that the market was ready for correction. expected Mt. He predicts that the sell-off that coincides with Gox repayments may accelerate further as support levels are broken and the price may fall further.
“Bitcoin is breaking key technical and psychological levels at $60,000.
$60,000 is an important level for Bitcoin miners and BTC ETF buyers and also generally marks the bottom (support) of the three-month trading range.
Price declines could accelerate as support breaks and sellers scramble to find liquidity.
A break of this support could lead to a sharp decline towards $50,000.
Only uninformed investors are willing to buy here. “
#Bitcoin Is Crashing to $50,000 – But You Are Prepared…!!! -> here -> https://t.co/oCgSsi3t0r pic.twitter.com/H1HY0kGkV7
— 10x Research (@10x_Research) July 4, 2024
Apart from Markus Thilen, FxPro senior market analyst Alex Kuptsikevich also said that he predicted a decline for BTC. Speaking to Comdesk, Kuptsikevich stated that the BTC price touched the lower border of the descending channel and fell below the 200-day SMA.
“Bitcoin price may drop to $51,500 in the short term.
“Considering the decline below the 200-day SMA, BTC's current situation is that a 12% drop in price to $51,500 (February consolidation area) is more likely than a rise of the same amount to $65,800 (50-day MA).”
*This is not investment advice.
