In the last 24 hours, both Bitcoin and the broader cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $60,000 and a staggering $200 billion wiped from the market since July 1st.
While Bitcoin’s decline has reverberated through the altcoin market, Ethereum (ETH) managed a 4.5% increase, Solana (SOL) rose by 7.5%, Telegram-linked Toncoin (TON) saw a 7.3% uptick, BNB fell by 5.9%, and Dogecoin (DOGE) dropped by 7.6%.
Markus Thielen, founder of 10x Research, recently made a startling prediction, forecasting that Bitcoin could plummet to $50,000 in the near term. Thielen highlighted that Bitcoin’s drop below $57,000 indicates potential further declines, attributing this trend to reduced buying momentum and accelerated selling pressure.
“This decline marks a significant market shift, with indications dating back to early June suggesting an impending correction,” Thielen remarked. He warned that the ongoing sell-off, coinciding with Mt. Gox repayments, might intensify as critical support levels are breached, potentially driving prices even lower.
Thielen emphasized the breach of key technical and psychological thresholds around the $60,000 mark, crucial for Bitcoin miners and ETF investors alike. He cautioned that a failure to hold above this level could trigger a rapid descent towards $50,000, cautioning against hasty investments in the current climate.
In addition to Thielen’s analysis, Alex Kuptsikevich, senior market analyst at FxPro, also projected a bearish outlook for Bitcoin. Kuptsikevich noted that Bitcoin had dipped below its 200-day simple moving average and suggested a potential drop to $51,500 in the short term.
“This breach below the 200-day SMA indicates a precarious position for BTC,” Kuptsikevich stated. He outlined that a 12% decline to around $51,500 appeared more probable than a comparable increase to $65,800, considering current market dynamics.
Both analysts cautioned against interpreting their insights as investment advice, underscoring the volatile nature of cryptocurrency markets. For those interested in cryptocurrency investments, opportunities exist with over 300 cryptocurrencies available on platforms like Binance, offering a 20% commission discount through a specified link.
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Original source: Crypto News
