Bitcoin 'Could Decline To $63,000,' Says 10x Research Report, While Ethereum Faces Challenges
Portfolio Pulse from Khyathi Dalal
Bitcoin experienced a drop after reaching all-time highs, with 10x Research suggesting it could decline to $63,000 due to fragile market segments and volatile returns. Ethereum also faces challenges after its surge, with its valuation disconnected from fundamentals and a low chance of ETF approval affecting its price. MicroStrategy is trading above fair value, influenced by Bitcoin's performance and broader market factors like inflation data and rate cut speculations.
March 15, 2024 | 8:55 pm
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NEGATIVE IMPACT
Bitcoin could potentially decline to $63,000 according to 10x Research, amid fragile market conditions and an outside day trading pattern.
The prediction of a decline to $63,000 is based on the analysis of current market conditions, trading patterns, and external factors such as ETF inflows and meme coin trading surges.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Ethereum faces challenges after its surge, with a reality check on its valuation and a low chance of ETF approval affecting its price.
Ethereum's current challenges stem from its disconnection from fundamentals and the low prospects of an ETF approval, contributing to a potential sell-off.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
MicroStrategy is trading 60%-90% above fair value, influenced by Bitcoin's performance and broader market factors like inflation data and rate cut speculations.
MicroStrategy's overvaluation is assessed through its regression against Bitcoin and its Bitcoin holdings, amidst broader market influences.
CONFIDENCE 65
IMPORTANCE 70
RELEVANCE 75