Why This Bitcoin Correction IS Very Different Than the 3 Previous Ones
Institutional Crypto Research Written by Experts
👇1-14) Bitcoin has another 20% correction within a larger bull market. 10x Research is the only crypto research team that has accurately called all three 20% corrections (August 2023, January 2024, and March/April 2024) since the 5th Bitcoin bull market started officially on June 25, 2023. At that point, Bitcoin had made a new one-year high for the first time in a year (see our report from July 2023).
👇2-14) However, this correction is very different, as institutional investors have a risk management approach that differs from most retail traders. Based on our estimates, the average entry price of the US Bitcoin ETF holders is approximately $57,300—potentially even 1-2% higher - a level that Bitcoin prices are approaching fast - as we predicted.
👇3-14) Bitcoin's new one-year high has validated our early January 2023 prediction for the start of a potential new bull market. This positive trend is further reinforced by Bitcoin's proximity to our halving price projection of $63,160 (the actual price of $63,491), which we forecasted on October 28, 2022.
👇4-14) Our 2023 Christmas year-end target of $45,000 was almost achieved (the actual price was $43,613). While we called already on November 28, 2023 (still one of our best TV interviews), for a price target of $57,000 for the post-ETF approval period, we ramped up this target to $70,000 on February 1, 2024, when Bitcoin traded just at $40,000.
👇5-14) When we studied the history of Bitcoin and the driving forces of the crypto industry (here), a big takeaway was what drives prices and why various cycles are in place. This analysis (here) helped us call the bull market correctly and all three significant corrections.