10x Research: Bitcoin may adjust below $60,000, and it may be too early to buy on dips
According to news on March 20, 10xResearch released the latest report stating that the monthly Bitcoin report released on March 8 pointed out the divergence between the rise in Bitcoin prices and the downward signals of three reversal indicators. The report mentioned that Bitcoin may fall back to 63,000, of which 60,000 is the key support level; if it falls below the support, it may drop to $52,000 to $54,000. Although the prediction of a pullback to 63,000 has materialized, it is still too early to think it is too early to turn bullish again (although it will certainly turn bullish at some point). It's too early to buy the dip. A key bearish point is the decline in retail trading sentiment, which is reflected in a clear decline in altcoin and memecoin trading volumes. The ETF has had two days in a row of net outflows (likely), unless BlackRock saw over $400 million in inflows last night. Technically, Bitcoin price is still expected to drop below $60,000 before embarking on a more meaningful rebound attempt. Based on previous new high signals, $83,000 and $102,000 upside targets can be expected.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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