Why Bitcoin Could Plunge To $55K: 10x Research
Portfolio Pulse from Murtuza Merchant
10x Research warns of a potential Bitcoin downturn to $55,000, citing technical indicators, political factors, and macroeconomic conditions. The report highlights concerns about institutional adoption, miner selling, and seasonal trends.
July 01, 2024 | 4:51 pm
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NEUTRAL IMPACT
Ethereum's performance relative to Bitcoin is noted, with potential ETH ETF approvals and the expiration of $10 billion worth of options on June 28 possibly leading to increased volatility.
While the report focuses on Bitcoin, it also mentions Ethereum's relative performance and potential volatility due to upcoming events, making it relevant but less critical.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
10x Research forecasts a potential drop in Bitcoin's price to $55,000 due to various bearish factors including technical indicators, political uncertainty, and macroeconomic conditions.
The report highlights multiple bearish factors such as declining RSI, political uncertainty, and macroeconomic conditions that could lead to a significant drop in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100