Bitcoin Expected To Plummet Further To $38K, According to 10X Research
Portfolio Pulse from Mehab Qureshi
Bitcoin (BTC) is expected to drop to $38,000 according to 10x Research, following a 5% decline to $42,600 after the launch of spot ETFs in the U.S. The report cites a bearish RSI divergence and potential investor shift from the Grayscale Bitcoin Trust (GBTC) to lower-fee ETFs as reasons for the predicted decline.
January 15, 2024 | 8:11 am
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Grayscale Bitcoin Trust (GBTC) may face selling pressure as investors potentially shift to lower-fee ETFs, following 10x Research's prediction of Bitcoin's price drop.
The report suggests that investors may sell GBTC to move their BTC exposure to other ETFs with lower fees, which could lead to a decline in GBTC's price in the short term.
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