10x Research: BTC Price Could Reach $60,000, Here's the Analysis

Bittime – Founding father 10x Research, Markus Thielen predicts a possible rise in Bitcoin to $60,000. However, Thielen argued that this increase was only temporary, and was followed by a decline back to $50,000.

Opinion from K33 Research on BTC Price

K33 Research mpredict significant selling pressure in the market during the summer. This pressure stems from sales of seized assets by Germany (75,000-118,000 BTC) and sales by customers of Mt. Gox.

The value of the confiscated assets and sale of Mt. Gox is estimated at $4.3 billion to $6.8 billion. K33 Research estimates market volatility will last until October.

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Short Term BTC Upside Potential

Markus Thielen, founder of 10x Research, predicts Bitcoin's potential rise to $60,000. This increase may be driven by various factors such as:

• Increased capital inflow: Investors who are optimistic about the future of crypto assets may have been interested in buying Bitcoin during previous periods of decline.
• Positive market sentiment: Positive news surrounding crypto regulations or wider institutional adoption could fuel price increases.
• Technical moves: Analysis of certain charts and technical indicators may indicate opportunities for price increases in the short term.

BTC Price Today

Summer: Over

After yesterday's "red" week, the crypto ecosystem is recovering, especially BTC. BTC coin is green again. Today, BTC has increased 2.62% so the price is $59,109.99. 

Potential for BTC Price Drop Remains

Despite the upside potential, 10x Research's forecast also warns of the possibility of another drop to the $50,000 range. Some potential reasons for this decline include:

• Profit taking: Investors who bought Bitcoin at lower price levels may be encouraged to take profits when the price reaches $60,000.
• External selling pressure: As predicted by K33 Research, the sale of Bitcoin confiscated assets by the German government and potential sales by customers of Mt. Gox may add to the selling pressure in the market.
• Macroeconomic uncertainty: Uncertain global economic conditions can make investors avoid high-risk assets such as Bitcoin.

Volatility to Anticipate

K33 Research predicts that the Bitcoin market will face significant volatility through October.  In addition to the potential selling pressure mentioned above, other factors that could contribute to volatility include:

• Unexpected events: Negative news or sudden regulatory changes can trigger large price fluctuations.
• Speculative trading activities: The trading activities of speculators can increase market volatility, especially in times of high uncertainty.

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Conclusion

Predictions from 10x Research and K33 Research highlight Bitcoin's upside potential and volatility in the coming months.

Investors need to consider factors that may influence the price of Bitcoin before making an investment decision.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime 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 ensure 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. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.