Analyst Predicts Further Drop for Bitcoin to $63,000!

-->The crypto market has recently received a major shock, as the price of bitcoin has fallen sharply in recent days. After a period of strong growth and high peaks, the value of bitcoin has fallen to $65,000. Currently, the value of bitcoin is $66,310. Not only bitcoin is having a hard time, but other coins, such as ethereum and binance coin, have also fallen significantly in value. The popular memecoins Dogecoin and Shiba Inu are having an even harder time, with declines of 20% and almost 30%. But what do analysts say about this decline?

Bitcoin decline has a major impact on the market

The recent drop in the price of bitcoin has had a major impact on the entire crypto market. The recent price correction in bitcoin has changed market dynamics and investor sentiment, with more than 151,000 traders experiencing margin calls in the past 24 hours due to an increase in liquidations. In total, there have been $426 million in liquidations, with bitcoin hit hardest.

Big losses for traders

In the last 24 hours, Bitcoin’s price drop has led to liquidations exceeding $104 million, with traders with long positions suffering the most, with a loss of $86 million compared to $18 million for traders with short positions. Ethereum has also seen major liquidations, totaling $48 million, of which $33 million affected long traders and $15 million affected short traders.

Experts warn of bigger declines

Market analysts, such as Markus Thielen, CEO of 10x Research, have warned of further downside risks for bitcoin. Thielen has made a prediction of a possible drop to $63,000. In his analysis, he highlights the low trading volumes and liquidity, which increase the risk of sharp price corrections.

Many traders seem to agree with Thielen’s insights and are adjusting their strategies accordingly. The era of meme coin craze appears to be waning, as the biggest meme coins have fallen rapidly. However, the price of Solana, on which most new meme coins are launched, remains strong.