PiCK
Bitcoin Briefly Falls Below $61,000; 10x Research Sees Possible Drop to $55,000
Summary
- Bitcoin briefly fell below $61,000, underscoring the market’s recent weakness.
- Markus Thielen said strength in the U.S. dollar is putting downward pressure on Bitcoin, raising the possibility that it could bottom near $55,000.
- CoinDesk said Bitcoin has historically shown a pattern of September weakness and an October rebound, while the U.S. midterm elections in November and the Treasury’s quarterly refunding plan could also affect the market.
Forecast Trend Report by Period
Bitcoin briefly fell below $61,000, extending its recent weakness. Some market watchers say the cryptocurrency could slide to as low as $55,000 in the current downturn.
According to CoinMarketCap data on June 24, Bitcoin at one point dipped under $61,000. As of 11:29 p.m., it was trading around $61,100, down about 2% from a day earlier.
Some analysts argue Bitcoin has yet to reach a bottom. In a June 24 report cited by CoinDesk, 10x Research founder Markus Thielen wrote that recent strength in the U.S. dollar is adding downward pressure on the token. He added that Bitcoin could form this cycle’s low near $55,000.
Thielen expects Bitcoin to bottom between August and October. CoinDesk said Bitcoin has historically weakened in September before rebounding in October, and that the U.S. midterm elections in November and the Treasury’s quarterly refunding plan could also influence the market.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
