10x Research: Bitcoin may adjust below $60,000, and it may be too early to buy on dips
On March 20th, 10xResearch released its latest report stating that in the monthly Bitcoin report released on March 8th, it pointed out a divergence between the rise in Bitcoin prices and the decline in three reversal indicators. The report mentioned that Bitcoin may fall back to 63,000, with 60,000 being a key support level; if it breaks below the support, it may drop to $52,000 to $54,000. Although the prediction of a pullback to 63,000 has already been realized, it is still too early to be bullish again (although it will definitely turn bullish at some point).
It is still too early to buy on dips. A key point of bearishness is the decline in retail trading sentiment, reflected in the significant decline in the trading volume of altcoins and meme coins. The ETF has seen a net outflow for two consecutive days (possibly), unless BlackRock saw an inflow of more than $400 million last night.
Technically, it is still expected that the price of Bitcoin will fall below $60,000 before attempting a more meaningful rebound. Based on previous signals of a new high, targets of $83,000 and $102,000 can be predicted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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