Crypto Research Firm Identifies Why The Bitcoin Price Could Crash To $45,000
September 09 2024 - 7:30PM
NEWSBTC
10x Research, a digital asset research platform for traders and
institutions, has unveiled a foreboding forecast for the price of
Bitcoin (BTC). Highlighting current market conditions and Bitcoin’s
recent price dynamics, the research firm projects a massive price
crash to $45,000 soon. Bitcoin $45,000 Price Crash Incoming 10x
Research has released a report outlining several market
factors, which, when combined, paint a picture of a potential price
decline to new lows for Bitcoin. While the broader crypto
market undergoes a period of correction and volatility, 10x
Research believes that Bitcoin could fall as low as $45,000 this
cycle. Related Reading: Dogecoin Price Prediction: Extended
Consolidation Or A Break Below/Above? The reason for this
prediction has been attributed to recent changes in Bitcoin’s
active addresses. Markus Thielen, the Head of Research at 10x
Research has laid out reasons for this pessimistic BTC prediction.
Thielen mentioned that after Bitcoin addresses peaked in November
2023, they witnessed a sharp decline later in the First Quarter
(Q1) of 2024. According to Messari’s reports, on
November 20, 2023, Bitcoin’s active address account rose above
983,000, even reaching 1.2 million at some point. The network
remained steady within this range until April. However, as of
September 2, 2024, active addresses have plummeted drastically to
596,940. This drop in Bitcoin addresses indicated a reduction
in network activity and a possible decrease in interest and demand
among investors. Furthermore, Thielen disclosed that short term
holders had begun selling their BTC in April, while long term
holders took their profits, suggesting that the market had reached
its cycle top. In addition to this, the price of Bitcoin fell
from its all time high above $73,000 in March to its current level
of $55,246, according to CoinMarketCap. This price decline aligns
with the decrease in active addresses and the broader market
volatility. 10x Research also reported that outflows in Spot
Bitcoin Exchange Traded Funds (ETFs) have contributed to BTC’s
downward pressure and led to their pessimistic price projection. In
the last eight days, Spot Bitcoin ETFs recorded a whopping $1.2
billion in outflows from the 11 listed US Bitcoin ETFs. This
massive liquidation is currently the longest run of outflows since
the launch of Bitcoin ETFs on January 10, 2024. Moreover, the
current state of the United States (US) economy also paints a
possible bearish picture for Bitcoin. The weak US economy and the
ongoing futures liquidations are among the many factors that 10x
Research believes could push the price of Bitcoin down to
$45,000. BTC Faces Toughest Month In September In
an X (formerly Twitter) post, Dan Tapiero, the founder and Chief
Executive Officer (CEO) of 10T Holdings, addressed the current
challenges in the crypto market. Tapiero noted that September has
historically been difficult for Bitcoin, often marked by poor
performance or increased selling pressures. Related Reading: XRP
Price To $100: Why Has It Not Hit This Price Yet? He disclosed that
Bitcoin and Ethereum (ETH) have been stuck in a “painful
consolidation” period since March. Despite Bitcoin’s
underperformance this September, Tapiero remains confident that the
market is gearing up for a major bullish trend, advising investors
to HODL their assets. Featured image created with Dall.E,
chart from Tradingview.com
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