Why #Bitcoin is breaking out -> https://mail.10xresearch.co/

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Why #Bitcoin is breaking out -> https://mail.10xresearch.co/p/forget-etfs-instead-every-bitcoin-trader-follow-data-point #btc #BitcoinBulls

Why #Bitcoin is breaking out -> https://mail.10xresearch.co/p/forget-etfs-instead-every-bitcoin-trader-follow-data-point
#btc  #BitcoinBulls  

Avertissement : comprend des opinions de tiers. Il ne s’agit pas d’un conseil financier. Consultez les CG.

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Is This #Bitcoin Indicator Predicting A Crash??? 👇1-11) We have been expecting a severe Bitcoin correction, and many of our @10x_Research subscribers either closed out their longs at 68,300 or some even went short. The signs were all there that the Bitcoin bull market was losing momentum. Now everybody is asking how steep the fall will be. 👇2-11) The average Bitcoin ETF buyer is now underwater. Many institutional investors will struggle to justify allocating more capital to those ETFs without an immediate upside catalyst, such as the halving. Despite brand names such as @BlackRock leading the ETF field, many portfolio managers likely had an uphill battle when they asked for Bitcoin ETF risk limits. 👇3-11) The indicator below could predict much lower Bitcoin prices, we explain why in the report (hopefully this indicator is wrong...) -> https://mail.10xresearch.co/p/bitcoin-indicator-predicting-crash #BTC

#Bitcoin -> As we wrote yesterday, "We expect more unwinding as the average Bitcoin ETF buyer will be underwater when Bitcoin trades below $57,300. This will likely lower prices to our target levels and cause a -25% to -29% correction from the $73,000 top - hence our price target of $52,000/$55,000 during the last three weeks. There might also be a period of consolidation instead of a snapback rally - stay tuned." -> Why we turned bearish on April 18: https://mail.10xresearch.co/p/hidden-factor-send-bitcoin-plummeting-5200055000 #BTC

Massive #Bitcoin ETF outflows last night… so far reported $-300m… almost $1bn since the halving … lots of macro tourists in Bitcoin riding the “halving wave.” As we wrote yesterday, Bitcoin is trading at levels that are associated with the average entry price for the $11bn of Bitcoin ETF buyers -> read here: https://mail.10xresearch.co/p/bitcoin-correction-different-3-previous-ones #BTC

Why This #Bitcoin Correction IS Very Different Than the 3 Previous Ones 👇1-14) Bitcoin has another 20% correction within a larger bull market. @10x_Research is the only crypto research team that has accurately called all three 20% corrections (August 2023, January 2024, and March/April 2024) since the 5th Bitcoin bull market started officially on June 25, 2023. At that point, Bitcoin had made a new one-year high for the first time in a year (see our report from July 2023). 👇2-14) However, this correction is very different, as institutional investors have a risk management approach that differs from most retail traders. Based on our estimates, the average entry price of the US Bitcoin ETF holders is approximately $57,300—potentially even 1-2% higher - a level that Bitcoin prices are approaching fast - as we predicted. 👇3-14) Bitcoin's new one-year high has validated our early January 2023 prediction for the start of a potential new bull market. This positive trend is further reinforced by Bitcoin's proximity to our halving price projection of $63,160 (the actual price of $63,491), which we forecasted on October 28, 2022. 👇4-14) Our 2023 Christmas year-end target of $45,000 was almost achieved (the actual price was $43,613). While we called already on November 28, 2023 (still one of our best TV interviews), for a price target of $57,000 for the post-ETF approval period, we ramped up this target to $70,000 on February 1, 2024, when Bitcoin traded just at $40,000. 👇5-14) This is Bitcoin's first correction with a lot of institutional capital at risk, and there are other factors to consider -> Read the full report here -> https://mail.10xresearch.co/p/bitcoin-correction-different-3-previous-ones #BTC

April 19, 2024: Why Bitcoin May Fall to $52,000 https://10xresearch.co/videos/ Summary: The primary driver for the recent Bitcoin price rally was the inflow of funds into Bitcoin ETFs, which has now dried up over the past 4-5 weeks. The market internals have become weaker, with funding rates decreasing significantly, indicating a lack of speculative demand. The upside drivers for Bitcoin are no longer present, and the market is facing a risk-off environment, leading to a potential correction to the mid-50,000s. The impact of the Bitcoin halving event may not be as bullish as previously expected, as the miners are likely to sell their inventory after the halving, offsetting the reduced supply. Macro factors, such as high inflation and interest rate hikes, have a more significant impact on Bitcoin’s price than the halving event itself. Bitcoin has not performed as a hedge against inflation and geopolitical risks, as it has sold off during these events, suggesting a more significant overhanging issue. The drying up of ETF inflows is a crucial signal, as it indicates a lack of demand from retail investors, who are typically the target audience for these products. 10x Research has taken a cautious stance, selling their tech stock positions and remaining on the side-lines with Bitcoin, waiting for the market to stabilize before potentially re-entering. A potential correlation exists between the Bitcoin futures funding rate compression and the reduced ETF inflows, suggesting a potential offset of margin trading positions. The speculative bubble in the altcoin market, particularly in Korea, has also deflated, with trading volumes returning to average volumes. #BTC

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