10X Research: Bitcoin Could Dip to $50,000 in Summer, Current Pullback Driven by Options Market Hedging

BlockBeats News, February 7th: Cryptocurrency research firm 10X Research pointed out that the Bitcoin sell-off was due to hedging behavior in the options market. Institutional investors are significantly selling off their cryptocurrency holdings.

Bitcoin may see a brief counter-trend rebound or consolidation next, but it may hit a new low again this summer. Markus Thielen, the research director of the firm, estimates that Bitcoin's next low could dip to $50,000, or even fall in the range of $40,000 to $50,000 (CNBC).