Bitcoin Still Struggling to Break $66,000, May Drop to $50,000?
2024-08-16
Bittime - According to 10x Research, despite conditions macroeconomics global is strengthening, Bitcoin is still having difficulty breaking through $66,000. Read this article to find out the full news!
Bitcoin Price Prediction by 10x Research
10x Research indicates that Bitcoin could potentially see a decline back to the $50,000-$60,000 price range, with a possible repeat of the low of around $50,000 that occurred on August 5. Moreover, the post-drop rebound on August 5 stopped at the resistance zone between $60,000 to $61,000.
This slowdown could provide an opportunity for technical indicators that have been oversold to reset, raising the possibility that Bitcoin may retest its lows around $50,000.
Read Also: Bitcoin Price Potentially Reaches $60,000 to $70,000 Range?
Technology Stocks and Crypto Price
One of the phenomena that confuses traders at the moment is the inconsistency between the strong rally of technology stocks in the US and the weak performance of the crypto market.
10x Research noted that this divergence was in line with their expectations based on positive US macroeconomic data released this week.
However, the behavior of the crypto market which does not follow this trend confirms that internal factors of the crypto market also have an important role in determining price movements.
Opportunities to Make Profits Still Exist
Even though there is uncertainty in Bitcoin's current price movements, opportunities to gain profits remain. However, 10x Research recommends being more careful and paying attention to signals from technical indicators and internal market dynamics.
The strong rally in tech stocks may have created expectations that crypto will also follow the same trend, but the reality is that the crypto market has different characteristics and driving factors.
Read Also: Potential Bitcoin Price Increase If Stablecoin Issuance Increases!
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
