10X Research: Bitcoin may be reversing its downward trend, but the risk of dropping to $50,000 within the year remains.

PANews February 7 News, according to CNBC, the selling pressure in the crypto market this week mainly comes from the sell-off of Bitcoin spot ETFs, a sharp decline in prices triggering a wave of forced liquidations, and the spillover effect from the sell-off of soft tech stocks, further intensifying market volatility. However, some investors have entered the market to absorb the sell-off, causing prices to rebound quickly in a short period. Currently, most market participants remain cautious about whether the market is close to the bottom. Crypto research firm 10X Research pointed out that Bitcoin may experience a brief countertrend rebound or consolidation next, but it could potentially hit new lows again this summer. The firm’s research director Markus Thielen estimates that Bitcoin could possibly drop to as low as $50,000, or even fall within the $40,000 to $50,000 range.