🚨 BITCOIN BELOW $57K - WILL IT CRASH TO $50,000?🚨

Bitcoin might be on the brink of a significant downturn, with analysts at 10x Research warning of a potential drop below $50,000. Here’s a breakdown of the situation:

Key Points 📉

1. Dwindling Buy Flows and Accelerating Sell Flows
According to 10x Research, Bitcoin’s sharp decline from over $60,000 on July 4th may just be the beginning. The significant drop is attributed to a decrease in buying activity and an increase in selling pressure.

🔻 Markus Thielen, Analyst at 10x Research:
“Our data from early June already hinted at an overbought market ripe for correction.”

2. Psychological Benchmark Breach 🚩
The fall below the $60,000 mark towards $50,000 signifies a major shift in market sentiment. The breaking of this key support level could accelerate the downward trend as sellers scramble to find liquidity.

3. Impact on Investor Sentiment and Market Liquidity 💔
Bitcoin’s 5.44% drop significantly impacted investor confidence and market liquidity:

Market Capitalization: BTC’s market cap stands at $1.1 billion.
Trading Volume: There’s been a 57% increase in trading volume.

🔺 Key Support Levels:
Breaking the $60,000 support, a critical level for Bitcoin miners and spot Bitcoin ETF buyers, could trigger further selling pressure.

4. Mt. Gox Repayments 🏦
The anticipated repayments of $8.5 billion worth of BTC from the defunct exchange Mt. Gox, starting in July, coincide with this sell-off, adding to the downward pressure.

5. Technical Analysis 📊
The 10x Research report highlights a “Double Top Formation” for Bitcoin since December 2023, suggesting that the recent price movements fit this bearish pattern.

Stay tuned & follow @Professor Mende - Bonuz Ecosystem Founder for further updates and market analysis as this situation unfolds.

#bitcoincrash #bullbear #bearrun #btc #marketanalysis.
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🚨🚨Bitcoin Prices From 2009 to 2023🚨🚨

🛑 2009: Not applicable (Bitcoin was just created)

🛑 2010: $0.003
🛑 2011: $0.30
🛑 2012: $5.27
🛑 2013: $13.30
🛑 2014: $770.44
🛑 2015: $314.93
🛑 2016: $998.33
🛑 2017: $13,880.57
🛑 2018: $3,742.70
🛑 2019: $7,179.05
🛑 2020: $29,374.15
🛑 2021: $46,498.55
🛑 2022: $45,677.80
🛑 2023: $79,365.40
What Happened in 2024????????

🗒Please note that these prices are approximate and can very slightly depending on the exchange and the exact date within the year. Also, Bitcoin's price can be extremely volatile, so these figures provide a general overview rather than precise values
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⛔⛔ 4 REASONS WHY BITCOIN DIPPED BELOW $60K⛔⛔

1. Downtrend Since June 📉

🔻 Bitcoin has struggled to maintain upward momentum since the beginning of June. Over the second quarter of 2024, BTC logged an 18% decline, and it continued to face headwinds despite positive ETF inflows.

2. Potential Mt. Gox Repayments 💰

💸 The recent dip below $60,000 is largely attributed to the impending Mt. Gox creditor repayments. The defunct exchange, which collapsed over a decade ago, holds over $9.4 billion worth of Bitcoin. Approximately 127,000 creditors have been waiting to recover their funds, and the repayment process may have begun.

📊 Spent Volume Surge:
Charles Edwards, founder of Capriole Investments, highlighted an enormous on-chain Bitcoin movement, suggesting that the long-awaited Mt. Gox distributions are indeed happening. Edwards noted, “The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B. But by who? Mt. Gox.”

3. Market Reactions and Implications 📊

🌐 Market Uncertainty:
The potential sell-off from Mt. Gox creditors, who may liquidate their holdings after a decade, could exert significant selling pressure on Bitcoin. This, combined with ongoing market uncertainties, has investors bracing for further volatility.

📉 Support Levels:
Bitcoin’s local bottom of $59,600 threatens to extend the current consolidation phase. Investors have been eyeing a breakout above $70,000 to pave the way for new all-time highs, but losing the $60,000 support could delay such a rally.

4. Institutional Inflows vs. Sell Pressure ⚖

🏦 ETF Inflows:
Despite the sell-off fears, institutional inflows into U.S.-based spot Bitcoin ETFs have been strong. Since their launch in January, these ETFs have amassed over $52.5 billion worth of BTC, potentially absorbing some of the selling pressure from Mt. Gox repayments.

Will BTC crash? You decide!

@Professor Mende - Bonuz Ecosystem Founder out!

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