Bitcoin Halving Jitters: Why 10x Research Urges Caution
Portfolio Pulse from Khyathi Dalal
A 10x Research report advises caution ahead of the Bitcoin halving, noting an 11% drop in Bitcoin's price over the past week. The report highlights critical stop levels for Bitcoin and suggests a potential +/-10% price movement depending on the direction of the break. It also mentions the possibility of Bitcoin miners selling $5 billion of Bitcoin inventories post-Halving, which could negatively impact altcoins.
April 16, 2024 | 5:43 pm
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NEUTRAL IMPACT
The report suggests significant volatility for Bitcoin around the halving event, with potential for a +/-10% price movement and critical levels at $60,026 and $51,536.
The report's focus on the Bitcoin halving event and its potential impact on price volatility, along with the mention of critical price levels and the possibility of significant sell-offs by miners post-Halving, suggests a neutral to potentially negative short-term impact on Bitcoin's price. The uncertainty around the halving event and its historical context of causing price fluctuations supports this analysis.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100