The post How low can the Bitcoin price go? BTC falls near $50K appeared on BitcoinEthereumNews.com.

Bitcoin’s price has fallen by more than 11% in the last week after reaching $64,000 at the beginning of July. According to CoinGecko, the price of Bitcoin fell sharply from a high of $63,652 on July 1 to an intra-day low of $54,434 on July 4. Also Read: Mt. Gox moves Bitcoin worth $2.7B to a new wallet address Bitcoin’s price has fallen 23.7% in the last 30 days, while daily trading volume has decreased 34%. However, multiple factors point to a deeper correction, making a rapid rebound from recent losses doubtful in the coming days. Bitcoin hits new lows since February The current downward trend in Bitcoin prices is in line with what experts at 10x Research think could be the lowest price goal for BTC. They say that this sharp drop could only be the start and that Bitcoin could go down even more, all the way to $50,000. Breaking through the psychological level at $60,000 and moving closer to $50,000 is a big change in how the market feels. According to 10x Research, this is because buying flows are drying up while sell flows are accelerating. Also Read: Why is Bitcoin down today? Markus Thielen, an analyst at 10x Research, says that the downward trend could have been seen coming. The analysts add, “Bitcoin could shift from its current range trading (60,000-70,000) into a topping formation, potentially leading to a steeper decline. As we’ve observed over the past three months, range trading is a complex phase, often marked by several false breakouts.”  Source: 10x Research Thielen tweeted the above chart on June 24, predicting Bitcoin’s breakout from its consolidation zone and slide to $50,000, citing the possibility of a double-top pattern. BTC liquidations double amid market crisis At the time of writing, BTC is worth $54,378.89, down…

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Filed under: News - @ July 5, 2024 7:22 am