Why Bitcoin Might Not Hit A New All-Time High This Month: 10x Research
Portfolio Pulse from Murtuza Merchant
The latest 10x Research report by Markus Thielen suggests that Bitcoin may not reach a new all-time high this month due to risks associated with Ethereum's market behavior. Despite positive macroeconomic indicators, Ethereum's declining fees and historical performance in June could drag Bitcoin down.
June 05, 2024 | 1:58 pm
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NEGATIVE IMPACT
Ethereum's market behavior poses a risk to Bitcoin's potential new all-time high. Despite a 22% increase in market cap, Ethereum's fees have dropped by 33%, and June is historically a poor month for Ethereum.
The report indicates that Ethereum's declining fees, historical poor performance in June, and aggressive futures positioning could lead to a significant price drop, impacting Bitcoin as well.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bitcoin's potential to reach a new all-time high this month is hindered by risks associated with Ethereum's market behavior, despite positive macroeconomic indicators.
The report highlights that while macroeconomic indicators are favorable for Bitcoin, Ethereum's declining fees and historical performance in June could negatively impact Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100