Bitcoin BTC/USD has seen a 13% drop over the past week, and a recent report from 10x Research offers insights into their bearish stance on the cryptocurrency from 10 days prior.
What Happened: The research report describes Bitcoin’s current correction as “100% predictable,” attributing it to several risk factors.
In its previous report, 10x Research highlighted a minimum 23.6% retracement from Bitcoin’s high of $73,750, with the first target set at $64,659. If this level fails to hold, $59,035 could become a critical support level.
Research indicates that it may be premature to buy the dip, pointing to negative ETF flows over two consecutive days, waning retail trading sentiment, and reduced trading volumes for altcoins and meme coins as reasons to maintain a bearish outlook on the asset.
Well-known crypto YouTuber Crypto Rover noted that the Spot Bitcoin ETF saw its most significant single-day outflow in history.
Also Read: Bitcoin Rally ‘Is Over’: Crypto Trader Points To These ‘Sufficient Reasons’ Why Top Is In
Ethereum "Sell the Dip"
A recent weekend report from 10x Research issued a short signal for ETH-USDT, based on a new technical analysis that yielded a ‘sell the dip’ signal with a 7.4 score out of 10.
Earlier reports from mid-February had anticipated strong upside movements for Ethereum following the Dencun upgrade. However, the expected upside catalyst did not come to fruition.
Moreover, the probability of Ethereum ETF approval seems to be waning as applicants want to include staking clauses, potentially categorizing the asset as a security.
Bitcoin Below $60,000?
10x Research forecasts that Bitcoin could dip below $60,000 before staging a significant rally. While they suggest upside targets of $83,000 and $102,000 based on previous signals of new highs, their current focus remains on the downside.
With substantial outflows observed in Bitcoin ETF flows and the crypto community abuzz with talk of potential new lows, some perceive this as a buying opportunity.
The future trajectory of Bitcoin prices is uncertain, and it will be intriguing to observe how the situation unfolds for the crypto king.
Read Next: Bitcoin ‘Bears Got A Chance But Will They Take It?’ Asks Heavily-Followed Crypto Trader
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