The latest dip in Bitcoin value beneath the $60K vary has sparked discussions within the crypto market over the potential actions within the coming days. In the meantime, a number of traders seem to be staying on the sideline given the recent unstable state of affairs dominating the broader crypto market, not to mention Bitcoin value.
Nevertheless, amid this, a famend cryptocurrency agency QCP Capital has shared insights on the potential future strikes of the BTC value. It’s value noting that QCP Capital has highlighted potential components that might pull down Bitcoin to as little as $50,000.
Bitcoin Worth To Hit $50K QCP Capital Predicts
Bitcoin’s slip beneath the $61,000 mark has reignited fears of a deeper decline, with market analysis pointing to a number of components that might drive the worth right down to $50,000. QCP Capital, a outstanding cryptocurrency
firm, has highlighted a collection of developments contributing to the current bearish sentiment in its latest weekend transient.
QCP Capital notes that Bitcoin’s $60,000 assist degree, historically resilient within the second quarter, faces new pressures. In accordance with QCP, the market is going to witness a heightened unstable state of affairs with sturdy provide inflow from the Mt. Gox payouts. As well as, the hefty Bitcoin gross sales by authorities our bodies also weighed on the emotions.
Notably, the defunct Mt. Gox exchange, set to start repaying collectors in Bitcoin and Bitcoin Money starting July 2, introduces a potential inflow of Bitcoin into the market, which might amplify volatility. Along with the Mt. Gox scenario, important Bitcoin transfers by the U.S. government
to crypto exchanges have weighed heavily on investor sentiment.
In the meantime, the same pattern was seen with the German government’s large-scale Bitcoin offload. These developments have led to apprehensions about further downward pressure on Bitcoin’s value. In other words, the market participants are bracing for the potential influence of these transactions on liquidity and market stability.
Another factor contributing to the cautious outlook is the current liquidity scenario. 10X Research, a popular on-chain analytics firm, has issued a warning relating to Bitcoin’s precarious position. They highlight the growing market anxiety over a potential “double top” formation, a chart pattern that usually signals an impending significant price drop.
In the meantime, their recent analysis on X suggests that Bitcoin might test lower levels, potentially BTC reaching $50,000 or even dropping further to $45,000. In addition, the ongoing uncertainty and liquidity challenges add to the bearish sentiment surrounding Bitcoin, making it more prone to downward pressure.
Supply: 10X Analysis
Nevertheless, it’s not all doom and gloom. QCP Capital believes that while the potential BTC drop to $50,000 is plausible, the market will probably find sturdy support at this level. They argue that traditional finance interest remains strong, supported by regular regulatory easing worldwide, which might provide a stabilizing effect.
Alternatively, the anticipated trading of the U.S. Spot Ethereum ETF within the next week might inject some excitement and constructive momentum back into the market. In addition, the hype over the Solana ETF also fueled discussions in the market.
As of writing, Bitcoin price traded near the flatline and crossed the transient $61,000 mark. Its trading volume rose 9% from yesterday to $23.62 billion, and its value saw a low of $59,985.40. In accordance with CoinGlass, the Bitcoin Futures Open Interest rose 0.13% during the last 4 hours, while dropping about 2% from yesterday.
Bitcoin Price Decline Sparks Market Concerns The recent drop in Bitcoin’s value below the $60,000 mark has led to significant discussions in the cryptocurrency market about potential future movements. Investors are wary due to the current volatility affecting the broader crypto market. QCP Capital’s Bitcoin Prediction Cryptocurrency firm QCP Capital has identified several factors that might drive Bitcoin’s price down to $50,000. They highlight that Bitcoin’s $60,000 support level, which has been strong in the past, is under new pressures. Key factors include:
An influx of Bitcoin from Mt. Gox payouts starting July 2.
Large Bitcoin sales by the U.S. and German governments. These events are contributing to a bearish market sentiment and increasing fears of a deeper decline. Market Outlook and Liquidity Concerns 10X Research has issued a warning about Bitcoin’s precarious position, suggesting a potential "double top" formation that could lead to significant price drops, possibly to $50,000 or even $45,000. Liquidity challenges and market uncertainty are adding to the bearish outlook. Potential Stabilizing Factors Despite the negative sentiment, QCP Capital believes that if Bitcoin drops to $50,000, it will find strong support at that level. Traditional finance interest and regulatory easing could provide a stabilizing effect. Anticipation around the trading of the U.S. Spot Ethereum ETF and hype over the Solana ETF might also inject some positive momentum back into the market. Current Market Status As of now, Bitcoin is trading near the $61,000 mark with a trading volume increase of 9% from the previous day. Bitcoin Futures Open Interest has seen a slight rise of 0.13% in the last four hours but dropped about 2% from the previous day. Additional Readings
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