Analysts at 10x Research predict a correction of BTC to $50 000

K33 Research believes that unstable market conditions will persist until October

10.07.2024 - 15:30

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The material is not an investment recommendation and is published for informational purposes only.

What’s new? Over the past 24 hours, the total capitalization of the crypto market grew by 1,4% to reach $2,242 trillion, and the bitcoin rate again approached the $58 000 mark after the correction at the beginning of the month. However, according to Markus Thielen, the founder of the analyst firm 10x Research, although the growth may last for a while and bitcoin may return to $60 000, the rally will be short-lived.

Material by CoinDesk

What else is known? 10x Research expects bitcoin to approach $60 000 before falling back to $50 000. Vetle Lunde, senior analyst at K33 Research, also notes, citing historical data, that bitcoin always shows the lowest returns in Q3.

Lunde noted that in this cycle, the historically weak quarter coincided with the sale of confiscated bitcoins by the government of Saxony, part of Germany, and the distribution of bitcoins and Bitcoin Cash (BCH) to customers of Mt.Gox, the crypto exchange that went bankrupt a decade ago.

Authorities in the US, UK, Germany, and El Salvador collectively hold $18 billion worth of BTC

Three of the four countries obtained the coins through seizures as part of criminal investigations

K33 Research estimates that the market will have to absorb between 75 000 and 118 000 BTC sold by Mt.Gox authorities and customers over the summer, worth between $4,3 billion and $6,8 billion at current prices.