CandleFocus Bitcoin (BTC) Price Drop to $45,000 Might Be Inevitable, Report Says
2024-09-08
Author: Content Editor
According to a new report from digital asset investment firm 10x Research, Bitcoin's value could drop to $45,000 due to changes in active addresses, weak market conditions, and the weak US economy. The report highlights a significant decline in Bitcoin's active addresses, indicating reduced interest and participation in the cryptocurrency. The recent outflows of $1 billion from Bitcoin ETFs and the low Mayer Multiple reading of 0.8 also suggest a bearish market trend. If Bitcoin fails to bounce back from the $50,000 support level, it could fall to $48,338 or even $45,000. However, a rise in the Mayer Multiple above 1 could indicate a potential restart of a bull market.
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