🔮10x Research predicts a Bitcoin tumble under $57,000 from its $60,000+ perch by July 4, possibly plunging further to $50,000. 📉 They attribute this to a decrease in buying and an uptick in selling.

Markus Thielen, their analyst, says, "Our June data hinted at an overbought market ripe for correction." 🍎

This 5.44% Bitcoin price drop has rattled investor sentiment and market liquidity, with Bitcoin's market cap now at $1.1 billion and a 57% surge in trading volume. 📊

The $60,000 benchmark break is crucial for Bitcoin miners and spot Bitcoin ETF buyers. The 10x report warns that the price decline "could accelerate as support gets broken and sellers scramble to find liquidity."

This sell-off coincides with the anticipated Mt. Gox repayments of $8.5 billion worth of BTC, expected to start in July.

The report advises traders to prioritize risk management in anticipation of continued volatility, stating, "We warned that this was not the time to be complacent."

A recent IT Tech analysis suggests the downward trend is due to long-term holders cashing in on substantial profits.

What's your take on this? Are we heading for a Bitcoin crash or is this just a temporary dip? Let's discuss in the comments! 👇 #DeFi #Web3 #Technology