Bitcoin

Bitcoin’s price dropped when the Asian markets opened, with BTC falling to $56,952. Altcoin sales also reached troubling levels, signaling a broad decline in the market. Experts recommend focusing on risk management to navigate these deeper losses.Bitcoin’s price fell when the Asian markets opened today, following several days of warnings. With US markets closed for a holiday, the <a href="https://cryptosheadlines.com/ethereum-price-could-hit-1000-on-drop-etf-impact/" rel="noopener noreferrer nofollow">impact of ETF</a> sales will become clear tomorrow. Experts from 10x Research have shared their predictions for cryptocurrencies based on the recent decline. These predictions match their earlier assessments and might provide useful insights into future trends.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9f8e51750ea5438faf346c69101d5933.png" /><h3 id="bitcoin-faces-further-decline-analysts-weigh-in">Bitcoin Faces Further Decline: Analysts Weigh in</h3>Sales in altcoins have reached troubling levels, with <a href="https://cryptosheadlines.com/experts-forecast-more-bitcoin-price-drop/" rel="noopener noreferrer nofollow">Bitcoin’s price dropping</a> to $56,952. This decline has already led to discussions about why Bitcoin lost its crucial $60,000 support level. The key question now is whether the downward trend will push the price to $50,000 or even lower.Markus Thielen, an analyst at 10x Research, highlighted the risks of ongoing declines, noting that <a href="https://cryptosheadlines.com/on-chain-data-indicates-xrp-bulls-are-emerging/" rel="noopener noreferrer nofollow">data from early June indicated</a> an overbought market poised for a correction. The recent daily price drops of over 5% have resulted in a 57% increase in trading volume, signaling a shift to panic selling among investors.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/77ede3d6eb694da7a30a01f45be9fd3d.png" />Thielen warned that breaking through key support levels for Bitcoin miners and spot Bitcoin ETF buyers could lead to even greater losses as sellers rush to find liquidity.<h3 id="markus-thielen-warns-caution-advised-as-bitcoin-support-breaks">Markus Thielen Warns: Caution Advised as Bitcoin Support Breaks</h3>Markus Thielen cautions that only uninformed <a href="https://cryptosheadlines.com/wealthy-investors-buying-bitcoin-pushing-prices-higher/" rel="noopener noreferrer nofollow">investors are likely to buy Bitcoin</a> after it broke the $60,000 support level. His latest analysis report, which identified a double top formation, emphasizes the need for risk management. Thielen suggests that Bitcoin may recover after further losses, as MTGOX returns and government Bitcoin sales, coupled with miner sales and general market fears, have created a significant supply surplus.<a href="https://cryptosheadlines.com/bitcoin-whales-move-3b-is-a-bigger-dip-coming/" rel="noopener noreferrer nofollow">Also Read: Bitcoin Whales Move $3B: Is a Bigger Dip Coming?</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/b715ea42097b4a0b9e7c720de3aba36c.png" />On July 3, the long-term investors’ spent output ratio (SOPR) exceeded 10, indicating that sold Bitcoin is being disposed of at least 10 <a href="https://cryptosheadlines.com/after-bitcoins-4th-halving-will-btcs-price-rise-500-times-again/" rel="noopener noreferrer nofollow">times its original purchase price</a>. This suggests that holders of Bitcoin for 5-7 years may have been caught up in the recent selling frenzy.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9f8e51750ea5438faf346c69101d5933.png" />Additionally, experts tracking large on-chain Bitcoin movements suggest that the MTGOX returns may have genuinely begun in July. Despite improvements in the macroeconomic environment for investors, recent events are proving to be quite unfortunate.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1dc1da222e774a8d96642f2ead1d6c51.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Analyst Sets Bitcoin Price Target at $35000

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