Bitcoin and cryptocurrency markets have skilled a serious collapse within the final 24 hours. Whereas the Bitcoin value fell beneath $60,000, a complete of $200 billion has been deleted from the cryptocurrency market since July 1.
Whereas this decline in Bitcoin additionally impacts the altcoin market, particularly Ethereum, ETH elevated by 4.5% within the final 24 hours; Solana (SOL) 7.5%; Telegram-linked Toncoin (TON) 7.3%; BNB fell by 5.9% and Dogecoin (DOGE) by 7.6%.
Whereas the decline made buyers nervous, 10x Analysis founder Markus Thielen predicted that Bitcoin would fall to $ 50,000 in his present evaluation.
Thielen expects Bitcoin to fall beneath $57,000, with the value doubtlessly reaching $50,000.
In accordance with the analyst, the latest declines point out a big market change as buying flows lower and gross sales flows speed up.
Markus Thielen reminds that the information at the start of June confirmed that the market was prepared for correction. anticipated Mt. He predicts that the sell-off, which coincides with the Gox repayments, may speed up additional as assist ranges are damaged and the value may fall additional.
“Bitcoin is breaking key technical and psychological ranges at $60,000.
$60,000 is a crucial degree for Bitcoin miners and BTC ETF consumers and in addition usually marks the underside (assist) of the three-month buying and selling vary.
Worth declines could speed up as assist breaks and sellers scramble to search out liquidity.
A break of this assist may result in a pointy decline in the direction of $50,000.
Solely uninformed buyers are keen to purchase right here. “
#Bitcoin Is Crashing to $50,000 – However You Are Ready…!!! -> right here -> https://t.co/oCgSsi3t0r pic.twitter.com/H1HY0kGkV7
— 10x Analysis (@10x_Research) July 4, 2024
Other than Markus Thilen, FxPro senior market analyst Alex Kuptsikevich additionally mentioned that he predicted a decline for BTC. Talking to Comdesk, Kuptsikevich acknowledged that the BTC value touched the decrease border of the descending channel and fell beneath the 200-day SMA.
“Bitcoin value could drop to $51,500 within the brief time period.
“Contemplating the decline beneath the 200-day SMA, BTC’s present scenario is {that a} 12% drop in value to $51,500 (February consolidation space) is extra probably than an increase of the identical quantity to $65,800 (50-day MA).”
*This isn’t funding recommendation.
