10x Research: Bitcoin may adjust to below $60,000, buying on dips might still be premature

News on March 20, 10xResearch released a new report stating that there is a divergence between the rise in Bitcoin prices and the decline signals of three reversal indicators in the monthly Bitcoin report released on March 8. The report mentioned: Bitcoin may pull back to $63,000, where $60,000 is a key support level; if it breaks through this support, it could potentially drop to between $52,000 and $54,000. Although the prediction of pulling back to $63,000 has been realized, it's still too early to be bullish again (although at some point it will definitely turn bullish). It's also too early to buy on dips now. A key bearish point is the decrease in retail trading sentiment reflected by significant declines in altcoin and meme coin trading volumes. ETFs have seen net outflows for two consecutive days (possibly), unless BlackRock had an inflow exceeding $400 million last night. Technically speaking, we still expect Bitcoin prices will fall below $60,000 before starting more meaningful rebound attempts. Based on previous new high signals we can predict upward targets of $83k and $102k.