10x Research, a digital asset research platform for traders and institutions, has released a worrying forecast for the future Bitcoin (BTC) priceHighlighting the current market conditions and recent Bitcoin price dynamics, the research firm forecasts massive price crash up to $45,000.

Bitcoin Price Crash of $45,000 Coming

10x Research published report outlining several market factors that, when combined, paint a picture of Bitcoin’s potential price falling to modern lows. While the broader cryptocurrency market is going through a correction period and volatility, 10x Research believes that Bitcoin price could drop as low as $45,000 during this cycle.

The reason for this forecast is the recent changes in lively Bitcoin addresses. Markus Thielen, Head of Research at 10x Research, outlined the reasons behind this phenomenon negative BTC forecastThielen mentioned that after Bitcoin addresses peaked in November 2023, they saw a piercing decline in the first quarter of 2024.

According to Messari’s ReportsOn November 20, 2023, the number of lively Bitcoin account addresses exceeded 983,000, and at one point even reached 1.2 million. The network remained stable in this regard until April. However, from September 2, 2024. the number of lively addresses has dropped dramatically drastically to 596,940.

This drop in Bitcoin addresses indicated reducing network activity and a possible decline in interest and investor demandAdditionally, Thielen revealed that short-term holders began selling their BTC in April while long-term holders took their profits, suggesting that the market has reached the peak of the cycle.

Additionally, Bitcoin’s price has fallen from an all-time high above $73,000 in March to its current level of $55,246, according to CoinMarketCap. This price decline is consistent with a decline in the number of lively addresses and broader market volatility.

10x Research also reported that outflows from Bitcoin ETFs contributed to BTC Downward Pressure and led to their negative price forecast. Over the past eight days, Spot Bitcoin ETF recorded as much as $1.2 billion in outflows from 11 listed U.S. Bitcoin ETFs. This massive liquidation is now the longest series of outflows since the launch of Bitcoin ETFs on January 10, 2024.

Moreover, the current state of the United States (US) economy also indicates the possibility bearish picture for bitcoinThe frail US economy and ongoing liquidations in futures are among several factors that could lower the price of Bitcoin up to $45,000.

BTC faces its toughest month in September

WX (formerly Twitter) fastingDan Tapiero, founder and CEO of 10T Holdings, addressed the current challenges in the cryptocurrency market. Tapiero noted that September has historically been a hard month in the case of Bitcoin, often characterized by frail performance or increased selling pressure.

He revealed that Bitcoin and Ethereum (ETH) have been stuck in a period of “painful consolidation” since March. Despite Bitcoin’s frail performance in SeptemberTapiero believes the market is preparing for a major uptrend and advises investors to HODL their assets.

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