Why Bitcoin Could Plummet To $52,000: 10x Research
Portfolio Pulse from Murtuza Merchant
A report by 10x Research predicts a potential drop in Bitcoin prices to $52,000, citing concerns over Bitcoin's funding rate and macroeconomic factors like inflation. The report, authored by Markus Thielen, suggests that the shift in market sentiment and technical analysis indicators, such as a critical Fibonacci retracement level and a triangle price formation, point towards a possible decline in Bitcoin's value, especially with the upcoming Bitcoin halving and macroeconomic uncertainties.
April 19, 2024 | 1:29 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bitcoin (BTCUSD) is predicted to potentially drop to $52,000 according to 10x Research, due to negative funding rates and macroeconomic factors, including inflation and technical analysis indicators.
The analysis by 10x Research points to a bearish outlook for Bitcoin, emphasizing the impact of negative funding rates and macroeconomic factors such as inflation on Bitcoin's price. The technical analysis, including the Fibonacci retracement level and a triangle price formation, supports the prediction of a potential drop. These factors combined with the upcoming Bitcoin halving and the May 1 FOMC meeting suggest a period of heightened volatility and a bearish short-term impact on Bitcoin's price.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100