Bitcoin Dip '100% Predictable,' Could Trade Below $60K Before 'Meaningful Rally Attempt,' 10x Research Says
Portfolio Pulse from Khyathi Dalal
Bitcoin has experienced a 13% drop over the past week, with 10x Research predicting further declines below $60,000 before a rally. The report cites negative ETF flows, reduced trading sentiment, and lower altcoin volumes as bearish indicators. Additionally, Ethereum received a 'sell the dip' signal from 10x Research, amid diminishing prospects for an Ethereum ETF approval due to regulatory concerns.
March 20, 2024 | 8:17 pm
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NEGATIVE IMPACT
Bitcoin's price is expected to fall below $60,000 due to negative ETF flows, reduced trading sentiment, and lower altcoin volumes, before a potential rally.
The bearish outlook on Bitcoin is supported by recent ETF outflows and a general downturn in crypto trading sentiment, indicating a potential short-term price decline.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum received a 'sell the dip' signal from 10x Research, with diminishing prospects for ETF approval due to regulatory concerns over staking clauses.
The 'sell the dip' signal for Ethereum and the diminishing prospects for an Ethereum ETF approval, particularly due to regulatory concerns over staking, suggest a bearish outlook.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90