📉 Bitcoin may fall to $50,000 before a new growth phase
Analysts at 10x Research allow BTC to fall to these values before a new growth phase. This mark is considered as a fundamental value.
BTC will not be able to sag below this level, as most institutional investors entered the asset at about this value.
Weakening activity in the crypto derivatives market suggests that traders are withdrawing funds for fear of a pullback. In the past week, capital has been exiting spot bitcoin-ETFs. For example, on June 21 alone, net capital outflows from the market totaled more than $100 million.
After falling to $50,000, analysts at 10x Research expect bitcoin to enter a consolidation phase, which could prove to be lengthy. During this period, the cryptocurrency will not be able to break out of its narrow range.
Only after the return of a new bullish phase, BTC will be able to overcome the resistance around $70,000.
