{"id":626331,"date":"2024-06-25T15:30:08","date_gmt":"2024-06-25T15:30:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626331"},"modified":"2024-06-25T14:27:00","modified_gmt":"2024-06-25T14:27:00","slug":"bitcoin-crash-below-60000-end","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-60000-end\/","title":{"rendered":"Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here\u2019s Why"},"content":{"rendered":"

Bitcoin<\/span> dropped to as low as $60,000 in the last 24 hours, and although the flagship crypto has reclaimed that level, crypto research firm <\/span>10x Research<\/span><\/a> predicts that BTC can still go lower soon enough. The firm also outlined several factors that support this bearish outlook.\u00a0<\/span><\/p>\n

Bitcoin Could Drop To As Low As $50,000<\/h2>\n

10x Research\u2019s lead analyst Markus Thielen mentioned in the <\/span>report<\/span><\/a> that Bitcoin could drop to as low as $50,000. He highlighted a <\/span>topping formation<\/span><\/a> for the flagship crypto that could lead to this steep decline. Thielen noted how Bitcoin had been range trading for a while now, a pattern that is often marked by several false breakouts.\u00a0<\/span><\/p>\n

Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins<\/a><\/div>\n

However, with BTC shifting into a topping formation, the research warned that such a pattern has usually left \u201cthe <\/span>average retail investors<\/span><\/a> vulnerable, with many altcoins experiencing significant drops\u201d alongside Bitcoin. Thielen further highlighted $61,500 as an important price level that Bitcoin needs to hold above, as the flagship crypto trading below this level will confirm the <\/span>potential drop to $50,000<\/span><\/a>.\u00a0<\/span><\/p>\n

10x Research also mentioned several factors that support this bearish outlook. One is the lack of new money flowing into the crypto market. Instead, there have been net outflows with the US Spot Bitcoin ETFs, for example, recording $1.2 billion in net outflows since June 10. Traders have also suffered <\/span>significant liquidations<\/span><\/a>, with $0.8 billion and $0.9 billion in Bitcoin and Ethereum positions wiped out from the crypto market this past week.\u00a0<\/span><\/p>\n

Ethereum’s low network activity is another factor supporting 10x Researh\u2019s bearish Bitcoin outlook. Transaction fees on Ethereum are currently at their lowest since 2020, suggesting that investors haven\u2019t been keen on trading on the network for a while now despite the Dencun upgrade, which helped lower gas fees.\u00a0<\/span><\/p>\n

Many Bitcoin miners are also said to be approaching break-even costs, which is also concerning considering the amount of sell pressure these miners can put on BTC. These miners are already <\/span>reported<\/span><\/a> to have sold over 30,000 BTC ($2 billion) this month, contributing to Bitcoin\u2019s decline.\u00a0<\/span><\/p>\n

History Suggests BTC Won\u2019t Drop To As Low As $50,000<\/h2>\n

Crypto analyst Rekt Capital<\/span><\/a> recently mentioned that Bitcoin should be able to <\/span>hold above $60,000<\/span><\/a> based on its historical patterns. He stated that BTC has never lost its re-accumulation range low as support in the post-halving period, with $60,000 currently serving as the re-accumulation range low.\u00a0<\/span><\/p>\n

Related Reading: Analysts Battle Over Cardano\u2019s Next Move: 12,000% Rally Or 50% Crash?<\/a><\/div>\n
\"Bitcoin\"
Source: X<\/figcaption><\/figure>\n

Meanwhile, Rekt Capital mentioned that a <\/span>longer bull run<\/span><\/a> is on the cards, seeing as Bitcoin\u2019s rate of acceleration has already dropped from 260 days to 160. He also noted that Bitcoin has continued to reduce the rate of acceleration in this cycle through this <\/span>consolidation<\/span><\/a> in the reaccumulation range.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price makes its way to $61,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin dropped to as low as $60,000 in the last 24 hours, and although the flagship crypto has reclaimed that level, crypto research firm 10x Research predicts that BTC can still go lower soon enough. The firm also outlined several factors that support this bearish outlook.\u00a0 Bitcoin Could Drop To As Low As $50,000 10x Research\u2019s lead analyst Markus Thielen mentioned in the report that Bitcoin could drop to as low as $50,000. He highlighted a topping formation for the flagship crypto that could lead to this steep decline. Thielen noted how Bitcoin had been range trading for a while now, a pattern that is often marked by several false breakouts.\u00a0 Related Reading: SkyBridge Capital\u2019s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins However, with BTC shifting into a topping formation, the research warned that such a pattern has usually left \u201cthe average retail investors vulnerable, with many altcoins experiencing significant drops\u201d alongside Bitcoin. Thielen further highlighted $61,500 as an important price level that Bitcoin needs to hold above, as the flagship crypto trading below this level will confirm the potential drop to $50,000.\u00a0 10x Research also mentioned several factors that support this bearish outlook. One is the lack of new money flowing into the crypto market. Instead, there have been net outflows with the US Spot Bitcoin ETFs, for example, recording $1.2 billion in net outflows since June 10. Traders have also suffered significant liquidations, with $0.8 billion and $0.9 billion in Bitcoin and Ethereum positions wiped out from the crypto market this past week.\u00a0 Ethereum’s low network activity is another factor supporting 10x Researh\u2019s bearish Bitcoin outlook. Transaction fees on Ethereum are currently at their lowest since 2020, suggesting that investors haven\u2019t been keen on trading on the network for a while now despite the Dencun upgrade, which helped lower gas fees.\u00a0 Many Bitcoin miners are also said to be approaching break-even costs, which is also concerning considering the amount of sell pressure these miners can put on BTC. These miners are already reported to have sold over 30,000 BTC ($2 billion) this month, contributing to Bitcoin\u2019s decline.\u00a0 History Suggests BTC Won\u2019t Drop To As Low As $50,000 Crypto analyst Rekt Capital recently mentioned that Bitcoin should be able to hold above $60,000 based on its historical patterns. He stated that BTC has never lost its re-accumulation range low as support in the post-halving period, with $60,000 currently serving as the re-accumulation range low.\u00a0 Related Reading: Analysts Battle Over Cardano\u2019s Next Move: 12,000% Rally Or 50% Crash? Meanwhile, Rekt Capital mentioned that a longer bull run is on the cards, seeing as Bitcoin\u2019s rate of acceleration has already dropped from 260 days to 160. He also noted that Bitcoin has continued to reduce the rate of acceleration in this cycle through this consolidation in the reaccumulation range.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":626337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-626331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nCrypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin dropped to as low as $60,000 in the 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here\u2019s Why","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-60000-end\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-crash-below-60000-end\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin-crash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin-crash.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-06-25T15:30:08Z","datePublished":"2024-06-25T15:30:08Z","dateModified":"2024-06-25T15:30:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-below-60000-end\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-crash-below-60000-end\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-crash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-crash.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-06-25T15:30:08Z\",\"datePublished\":\"2024-06-25T15:30:08Z\",\"dateModified\":\"2024-06-25T15:30:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin-crash.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626331"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=626331"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/626331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/626337"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=626331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=626331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=626331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}