10X Research: This Sell-Off Wave Is Driven by ETF Pressure and Forced Liquidations, Bitcoin Could Bottom Out Around $50,000

BlockBeats News, February 7th. This week, the main selling pressure in the crypto market came from the sell-off of Bitcoin spot ETF, forced liquidation caused by a sharp price drop, and the collateral impact of the sell-off of altcoins, further intensifying market volatility. However, some investors entered the market to take over, driving the price to rebound rapidly in a short period of time. Currently, most market participants remain cautious about whether the bottom has been reached.

Cryptocurrency research firm 10X Research pointed out that Bitcoin may experience a brief counter-trend rebound or consolidation next. However, it may hit a new low this summer. Markus Thielen, research director of the firm, estimates that Bitcoin's subsequent low may fall to $50,000, or even range between $40,000 and $50,000. (CNBC)