Bitcoin Projected to Decline to 50000 According to Cryptocurrency Experts Report

According to 10x Research experts, Bitcoin will fall below $57,000. They indicate that this decline could continue to $50,000, marking a significant shift in market sentiment as buying slows and selling accelerates.
10x Research analyst Markus Thielen pointed out that this downward trend is foreseeable, citing early June data indicating that an overbought market was due for a correction. Breaking the psychological barrier of $50,000 to $60,000 is seen as a major shift in market sentiment.
Recent Bitcoin prices have fallen by about 5%, severely impacting investor sentiment and market liquidity. This decline is reflected in the market capitalization,
Bitcoin
amounting to $110 million, with a 57% increase in trading volume. This breakthrough has intensified the sell-off, with sellers vying for liquidity at support levels.
The expected
payout
of $850 million worth of BTC from Mt. Gox in October is also one of the causes of the sell-off. In
that report
, 10x Research noted that after breaking the $60,000 support level, only uninformed traders would tend to buy at these prices.
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Bitcoin trades below $58,000—how much more do we expect to lose?
The 10x Research report includes a description of the ”
double peak formation
bearish pattern” in Bitcoin prices since March 2023, indicating a possible further decline. They advise traders to focus on risk management and prepare for ongoing volatility.


Recent
analysis
by IT Tech’s research shows that the downward trend is partly due to long-term holders cashing out profits. On March 3rd, the long-term holders’ spent output profit ratio (SOPR) exceeded 10, indicating that the selling price of BTC was at least ten times the original purchase price. Long-term Bitcoin holders typically hold for five to seven years and have significantly contributed to the current market sell-off pressure.