Bitcoin dropped to as low as $60,000 in the last 24 hours, and although the flagship crypto has reclaimed that level, crypto research firm 10x Research predicts that BTC can still go lower soon enough. The firm also outlined several factors that support this bearish outlook. Bitcoin Could Drop To As Low As $50,000 10x Research’s lead analyst Markus Thielen mentioned in the report that Bitcoin could drop to as low as $50,000. He highlighted a topping formation for the flagship crypto that could lead to this steep decline. Thielen noted how Bitcoin had been range trading for a while now, a pattern that is often marked by several false breakouts. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins However, with BTC shifting into a topping formation, the research warned that such a pattern has usually left “the average retail investors vulnerable, with many altcoins experiencing significant drops” alongside Bitcoin. Thielen further highlighted $61,500 as an important price level that Bitcoin needs to hold above, as the flagship crypto trading below this level ..
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