10x Research, a digital asset research platform, forecasts a potential crash of Bitcoin (BTC) price to $45,000 due to current market conditions and price dynamics.
The prediction is based on a significant decline in active Bitcoin addresses, which dropped from 1.2 million in November 2023 to 596,940 by September 2024.
Short-term holders began selling BTC in April, marking the market's cycle top. BTC's price fell from over $73,000 in March to $55,246 in September, aligning with decreased activity and volatility.
Bitcoin ETFs experienced $1.2 billion in outflows, the longest since their launch in January 2024. This, along with a weak US economy, adds to the bearish outlook for BTC.
Dan Tapiero, CEO of 10T Holdings, noted that September is historically tough for Bitcoin, but he remains confident about a future bullish trend, advising investors to HODL.
