10X Research: This Sell-Off Wave Is Driven by ETF Pressure and Forced Liquidations, Bitcoin Could Bottom Out Around $50,000
BlockBeats News, February 7th. This week, the main selling pressure in the crypto market came from the sell-off of Bitcoin spot ETF, forced liquidation caused by a sharp price drop, and the collateral impact of the sell-off of altcoins, further intensifying market volatility. However, some investors entered the market to take over, driving the price to rebound rapidly in a short period of time. Currently, most market participants remain cautious about whether the bottom has been reached.
Cryptocurrency research firm 10X Research pointed out that Bitcoin may experience a brief counter-trend rebound or consolidation next. However, it may hit a new low this summer. Markus Thielen, research director of the firm, estimates that Bitcoin's subsequent low may fall to $50,000, or even range between $40,000 and $50,000. (CNBC)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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