10x Research: Bitcoin will fall to $ 50,000

Experts from the analytical company 10x Research have reported that the bitcoin rate BTC $96,175.70 Bitcoin -2.13% Market capitalization $1.9 trillion VOL. 24 hours $3.07 billion may fall to $ 50,000 in the short term. The reason is that there are no factors on the market that contribute to the increase in the value of the first cryptocurrency.

Major market participants are slowing down their activity in the derivatives market, and the number of traders withdrawing bitcoins has increased, according to 10x Research. Last week, spot bitcoin ETFs in the United States recorded investor withdrawals, and on June 21, net outflows exceeded $ 105 million. The total number of transactions exceeding $ 100,000 on June 20 amounted to only 9,923, which is 42% less than at the beginning of last week (17,091 transactions).

10x Research believes that after stagnation, the value of the first cryptocurrency may go down amid a lack of positive signals from institutional investors. Bitcoin will need to find a new price range to fix the decline and then find catalysts for growth. In the medium term, 10x Research believes that bitcoin should not be expected to break the $ 70,000 mark

As a reminder, yesterday bitcoin fell below $ 62,000 after the news of the payout from the Mt. Gox crypto exchange. The curator of the platform that went bankrupt in 2014 announced plans to start paying compensation in Bitcoin, Bitcoin Cash, and cash in early July. This decision was made after the completion of the preparatory process.

The market reacted nervously to the news, and bitcoin dropped below $ 62,000 on high trading volumes, losing more than 2.5% in 15 minutes. The decline in the value of the main cryptocurrency caused other digital assets to fall by 1.7%-3.4%.

We would like to add that at the moment, the market leader has lost another 2% per day and is trading at $ 61,083.