$BTC Price Drop to $45,000 Might Be Inevitable, Report Says - BeinCrypto Analytics

Amid market volatility, 10x Research predicts Bitcoin (BTC) could drop to $45,000. Markus Thielen from the firm cites factors such as a decrease in Bitcoin’s active addresses and significant ETF outflows as reasons for this forecast. Bitcoin, trading below $55,000 after peaking at $73,750 in March, has seen active addresses fall sharply from 1.20 million in November 2023 to 612,000, signaling reduced network activity and interest.

Additionally, a $1 billion Bitcoin ETF outflow and a weakening US economy contribute to the bearish outlook. The Mayer Multiple, a metric used to identify speculative bubbles, is currently at 0.8, indicating potential further declines as Bitcoin remains below the 200-day EMA.

The crucial support level for BTC is around $50,000. If Bitcoin tests this level and fails to rebound, it could drop to $48,338 or even $45,000. However, a rise in the Mayer Multiple above 1 could signal a bullish reversal, potentially pushing Bitcoin above its previous all-time high.