Bitcoin Slides Below $60K, Here's Why It Could Drop Further: 10x Research
Portfolio Pulse from Murtuza Merchant
10x Research has raised concerns about Bitcoin's price trajectory, suggesting a potential significant downturn due to a possible double top formation and several bearish factors. Bitcoin ETFs have seen $1.2 billion in net outflows, and large-scale liquidations in Bitcoin and Ethereum futures markets have occurred. Declining Bitcoin miner revenue and low Ethereum network activity also contribute to the bearish outlook.
June 24, 2024 | 5:55 pm
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10x Research suggests Bitcoin could be on the verge of a significant downturn due to a possible double top formation and several bearish factors, including $1.2 billion in Bitcoin ETF outflows and large-scale liquidations in futures markets.
The report highlights a possible double top formation in Bitcoin's price chart, a pattern that often precedes a steep decline. Additionally, $1.2 billion in Bitcoin ETF outflows and large-scale liquidations in futures markets contribute to the bearish outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
10x Research highlights extremely low Ethereum network activity and large-scale liquidations in Ethereum futures markets, contributing to a bearish outlook for the cryptocurrency.
The report notes extremely low Ethereum network activity and $0.9 billion in liquidations in Ethereum futures markets, which could lead to further declines in Ethereum's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80