{"id":14970,"date":"2024-07-04T18:14:43","date_gmt":"2024-07-04T15:14:43","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-potential-drop-to-50000-raises-concerns\/"},"modified":"2024-07-04T18:14:43","modified_gmt":"2024-07-04T15:14:43","slug":"bitcoins-potential-drop-to-50000-raises-concerns","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoins-potential-drop-to-50000-raises-concerns\/","title":{"rendered":"Bitcoin&#8217;s Potential Drop to $50,000 Raises Concerns"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>A &#8220;double top&#8221; reversal pattern is forming on the Bitcoin chart.<\/li>\n<li>Miners, ETF buyers, and hodlers are selling, with a reversal possible if stablecoin supply increases.<\/li>\n<li>Investors continue to bet on ETH-ETF approval by purchasing call options for September-December.<\/li>\n<\/ul>\n<\/div>\n<p>A sharp decline in Bitcoin may not stop at $57,000 and could push the price down to $50,000 due to a sudden shift in sentiment, according to 10x Research.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Is Crashing to $50,000 \u2013 But You Are Prepared\u2026!!! -> here -> <a href=\"https:\/\/t.co\/oCgSsi3t0r\">https:\/\/t.co\/oCgSsi3t0r<\/a> <a href=\"https:\/\/t.co\/H1HY0kGkV7\">pic.twitter.com\/H1HY0kGkV7<\/a><\/p>\n<p>\u2014 10x Research (@10x_Research) <a href=\"https:\/\/twitter.com\/10x_Research\/status\/1808770146741133628?ref_src=twsrc%5Etfw\">July 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Experts noted a weakening in buy orders alongside an increase in sell orders.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Data received in early June hinted at an overbought market ripe for correction,&#8221;<\/em> they added.<\/p>\n<\/blockquote>\n<p>The report states that the decisive factor was the break below the key level of $60,000 for Bitcoin miners and BTC-ETF buyers, coinciding with the lower boundary of a three-month range. Consequently, the decline &#8220;accelerated as sellers sought liquidity.&#8221;<\/p>\n<p>Previously, the correction was delayed by the expiration of $6.5 billion in options, experts noted.<\/p>\n<p>They believe a &#8220;double top&#8221; formation could lead to a price drop to the $45,000-50,000 range.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1093.webp\" alt=\"1-1093\" class=\"wp-image-236338\"\/><figcaption class=\"wp-element-caption\">Data: 10x Research.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Hodlers Turn to Selling<\/h2>\n<p>CryptoQuant recorded an increase in the SOPR metric for hodlers above 10.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"cryptoquant_official\/2503\" data-width=\"100%\"><\/script><\/p>\n<p>In other words, long-term investors realized profits exceeding ten times their initial investments. The highest activity was observed among holders who had kept Bitcoin for five to seven years, specialists explained.<\/p>\n<p>Analysts urged monitoring their behavior, as continued selling could lead to further price declines.<\/p>\n<p>Experts also suggested tracking the dynamics of stablecoin supply. Its growth is a condition for resuming digital gold purchases, they explained.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"cryptoquant_official\/2502\" data-width=\"100%\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Hope for Ethereum Price Rebound<\/h2>\n<p>QCP Capital cited signs of miner capitulation as a reason for negative dynamics. Amid worsening sentiment in the spot market, call options on Ethereum with expirations in September and December are being accumulated, analysts noted.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"wublockchainenglish\/13670\" data-width=\"100%\"><\/script><\/p>\n<p>Specialists suggested a potential liquidation of shorts in the second-largest cryptocurrency amid the anticipated approval of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> form S-1 for an ETF.<\/p>\n<h2 class=\"wp-block-heading\">Current Situation<\/h2>\n<p>On July 4, the price of the leading cryptocurrency briefly fell below $57,000, a level last seen in February.<\/p>\n<p>Bloomberg reminded of the phased compensation by the Mt.Gox trustee of 137,000 BTC to clients of the bankrupt platform and traders&#8217; concerns that some coins might hit the open market.<\/p>\n<p>Nervousness is also caused by the distribution of digital gold by the authorities of the US and Germany. Additionally, the American elections could exert pressure on prices.<\/p>\n<p>Standard Chartered previously forecast a new <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> for Bitcoin in August.<\/p>\n<p>Earlier, CryptoQuant stated that the prerequisites for a rally resumption in the third quarter had been completed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A &#8220;double top&#8221; reversal pattern is forming on the Bitcoin chart. Miners, ETF buyers, and hodlers are selling, with a reversal possible if stablecoin supply increases. Investors continue to bet on ETH-ETF approval by purchasing call options for September-December. A sharp decline in Bitcoin may not stop at $57,000 and could push the price down [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1146,569,46,1145,1150,1268,1326],"class_list":["post-14970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-cryptocurrency-market-forecasts","tag-etf","tag-ethereum","tag-market-analysis","tag-news-plus","tag-on-chain-analysis","tag-qcp-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14970"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14969"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}