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
206
2 min
0
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.
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.
“We expect these flows to burden performance in the months to come and the choppy market conditions to last until October,” Lunde said.
Useful material?
Market
To advance crypto-friendly regulation, Trump’s party needs to win a majority in the Senate
Oct 18, 2024
Incidents
The regulator believes that the court erred in not recognizing retail sales of XRP as securities transactions
Oct 18, 2024
Market
The leader was the Solana network, with 100 million active addresses per month
Oct 17, 2024
Crypto regulations
Amendments to the regulation of financial institutions have been published for public discussion until October 30
Oct 16, 2024
Market
Over the past four years, the company’s shares have grown by 1540%, while the index has gained only 111%
Oct 16, 2024
Incidents
Over the last 24 hours, the asset has updated its all-time high at $2,34
Oct 15, 2024