Bitcoin Drop to $42,000 Would Send Ethereum to $2,000$BTC $ETH
The research highlights that ETF investors bought the dip when Bitcoin dropped below $60,000in July. This accumulation came despite the average ETF holder experiencing losses, rendering $60,000 the level where BTC mining becomes unprofitable for the industry. It fuels significant price declines amid miners' high beta.Accordingly, the researchers anticipate Bitcoin's price dropping to $42,000 after the $55,000 support level capitulated. This could draw Ethereum down to $2,000, with the researchers citing economic weakness, ongoing weak market structure, on-chain data, and cycle analysis, which suggest further stress ahead. Notably, the researchers have gained prominence after multiple nearly spot-on predictions.Among them, in October 2022, the experts predicted a 2024 halving price target of $63,160 for Bitcoin, but BTC topped out at around $63,491 on April 20. They also called a $45,000 year-end target in 2023, which ended at $43,613. In February, researchers at 10X set a 2024 Bitcoin target at between $60,000 and $70,000.#ETH_ETFs_Approval_Predictions #BinanceHODLerBANANA
