What K33 Research, CryptoQuant and 10x Research say about the immediate prospects of the crypto market. A cross-section of fresh opinions from renowned analytical companies.
#K33Research believes that the unstable market situation will last until October. And over the summer, the market will have to “digest” from 75,000 BTC to 118,000 BTC sold by clients of Mt․Gox and Germany (or rather Saxony). Analysts believe that all this will have a negative impact on the crypto market. At the same time, K33Research notes that historically the third quarter is a weak period for cryptocurrency. Without mentioning, for example, the 2020 exception.
#CryptoQuant CEO Ki Yoon Joo stated that the capitulation of miners is still ongoing and “Historically, it ends when the average daily mining cost is 40% of the annual average; now it is 72%.” The next 2-3 months on the market, according to his assessment, will be “boring.” At the same time, he gave guidance on analysis tools - he suggested monitoring the Puwell multiplier (an indicator for analyzing long-term BTC market cycles based on the profitability of miners) and its fall into the “buy zone.” And he also gave parting words: “Remain long-term optimists, but avoid excessive risk.”
#10xResearch analysts still believe that the#BTCrate will drop to $50,000. They consider the current rebound of the sale to be a short-term correction on the way to the named goal. According to 10x Research estimates, a potential#BTCprice drop below $50,000 is due to a reduction in buying flows and an acceleration in selling flows. 10x Research analyst and founder of the company Markus Thielen said the downtrend was predictable and “early June data was already hinting at an overbought market ripe for a correction.”
SUMMARY - no one expects significant bullish movements for the crypto market in the summer, and 10x Research also believes that the BTC correction is not over.
