10x Research Predicts Bitcoin Price Crash to $45,000 Amid Market Volatility
As the cryptocurrency market experiences a period of correction and volatility, 10x Research, a digital asset research platform, has made a bold prediction regarding the price of Bitcoin (BTC). The research firm has unveiled a forecast that suggests Bitcoin could plummet to $45,000 in the near future.
The reasoning behind this ominous prediction lies in the recent changes in Bitcoin’s active addresses. Markus Thielen, the Head of Research at 10x Research, highlighted the sharp decline in active addresses since November 2023. This decrease in network activity has raised concerns about a potential decrease in investor interest and demand for Bitcoin.
According to data from Messari, Bitcoin’s active addresses peaked at over 983,000 in November 2023, but have since dropped significantly to 596,940 as of September 2024. This decline in active addresses has coincided with a drop in Bitcoin’s price from its all-time high above $73,000 to its current level of $55,246.
Furthermore, outflows in Spot Bitcoin Exchange Traded Funds (ETFs) have added to the downward pressure on Bitcoin’s price. In the last eight days, Spot Bitcoin ETFs have seen $1.2 billion in outflows, marking the longest run of outflows since the launch of Bitcoin ETFs in January 2024.
The weak state of the US economy and ongoing futures liquidations are also contributing factors that could push Bitcoin’s price down to $45,000, according to 10x Research. Dan Tapiero, the founder and CEO of 10T Holdings, emphasized the historical challenges that Bitcoin faces in September, urging investors to remain patient and hold onto their assets despite the current market conditions.
While the forecast of a price crash to $45,000 may seem alarming to Bitcoin investors, Tapiero remains optimistic about the long-term prospects of the cryptocurrency market. He believes that the current consolidation period for Bitcoin and Ethereum could be a prelude to a major bullish trend, advising investors to stay resilient in the face of market uncertainties.
As Bitcoin navigates through what could be its toughest month yet, the crypto community will be closely watching to see how the market dynamics unfold and whether 10x Research’s forecast of a $45,000 price crash will come to fruition.
