Bitcoin Price Potential to Reach the $60,000 to $70,000 Range?
2024-08-08
Bittime - In recent weeks, Bitcoin has experienced significant price fluctuations. According to 10x Research, a cryptocurrency research institute, Bitcoin is at a crucial moment that can determine the direction of the next price movement.
Bitcoin Price Potential to Reach the $60,000-$70,000 Range
According to 10x Research, there are expectations that Bitcoin price could break the $60,000 to $70,000 range. However, the $56,000 to $57,000 price range remains the main thing to overcome before Bitcoin can continue its bullish run.
10x Research also highlighted additional sell-offs conducted by Jump Trading yesterday. This selling action attracted the attention of market players because it showed ongoing liquidation pressure.
Additionally, the Bitcoin Spot ETF has experienced sustained capital outflows, with no significant inflows from stablecoins, indicating a lack of buyers in recent times.
Read Also: Bitcoin Correction, RSI and MACD Indicators Show Potential to Buy Bitcoin?
External Factors Influence Bitcoin Price
In addition to the internal factors of the crypto market, 10x Research also identified several external factors that can influence Bitcoin price movements. One of them is the Bank of Japan's policy which is currently in a "pause" phase, not a reversal. It is possible that interest rates will be raised again, which could put additional pressure on the crypto market, including Bitcoin.
Apart from that, the risk of a decline in the Nasdaq market is also a concern, because this US stock market has a fairly close correlation with Bitcoin. If the Nasdaq experiences a decline, there is a high probability that Bitcoin will also be affected and experience a further price decline.
Advice from 10x Research
10x Research has anticipated that Bitcoin will reach the $60,000 to $70,000 price range. The recent price decline has also made some investors interested in buying.
However, in the current market situation, 10x Research advises investors to remain cautious and pay attention to market trends and macroeconomic factors.
Read Also: Bitcoin Market Dominance Reaches 55.7%, New Record in the Last 3 Years!
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via 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.
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