Bitcoin Price Continues to Decline, Plummeting Over 17% from Historical Highs. However, 10X Research, an analysis organization, has released a new report warning that it is still too early to buy in and predicts that Bitcoin will fall below $60,000 before meaningful rebounds occur. The next wave of Bitcoin’s rise is expected to push it to $83,000 and $102,000.
After reaching a historical high of $73,777 on the 14th, Bitcoin has been fluctuating downwards, hitting a low of $60,775 today, the lowest since the 5th of this month. Compared to its historical high, the maximum decline is 17.63%. As of the deadline, Bitcoin is trading at $62,861, down 2.5% in the past 24 hours.
The downward trend is not over yet. Approaching $60,000, many investors are itching to buy the dip. However, 10X Research released a report on the 19th, stating that the organization has turned bearish more than 10 days ago and predicted that if Bitcoin falls below the support level of $60,000, it could drop to $52,000 to $54,000.
10X Research now states that although Bitcoin has fallen back to the predicted $63,000, it is still too early to turn bullish. However, the organization states that it will definitely turn bullish again at some point in the future. According to the Bitcoin price trend simulation model released by 10X Research on the 6th, Bitcoin is expected to experience a more severe crash in the next 1-2 weeks, but the model also predicts the possibility of further significant rises in the future. 10X Research will soon re-examine this analysis and pay more attention to downside risks.
Moreover, 10X Research believes that it is still too early to buy the dip. One key factor for the current bearish sentiment is the decline in retail investor sentiment, which is evident from the decrease in trading volume of altcoins and memes. In addition, Bitcoin spot ETF has had net outflows for two consecutive days, which is also a bearish factor. According to SoSoValue data, following the net outflow of $154 million on the 18th, Bitcoin spot ETF had another net outflow of $326 million on the 19th. Among them, GBTC had the largest net outflow of $443 million in a single day, with a total historical net outflow of $12.89 billion.
On the 19th, the Bitcoin spot ETF with the largest net inflow was IBIT by BlackRock, with a net inflow of $75.23 million in a single day and a total historical net inflow of $13.04 billion. The second was FBTC by Fidelity, with a net inflow of approximately $39.6 million in a single day and a total historical net inflow of $6.92 billion.
From a technical standpoint, 10X Research predicts that Bitcoin will fall below $60,000 before meaningful rebound attempts occur. Based on the previous signals of new highs, Bitcoin is expected to reach $83,000 and $102,000 in the future. However, for now, the focus should be on the downside targets.