The current decline is driven by ETF sell-offs and a wave of forced liquidations. Bitcoin may dip as low as $50,000. On February 7, the crypto research firm 10X Research stated that this week's crypto market decline was mainly due to Bitcoin spot ETF sell-offs and the forced liquidation wave triggered by sharp price drops. Coupled with the decline in tech stocks, market volatility has intensified. Although some buying interest has entered, leading to a quick short-term rebound, the market remains cautious about whether a bottom has been reached. The firm predicts that Bitcoin may experience a short-term rebound and consolidation, but could potentially hit new lows this summer, possibly dropping to $50,000 or even entering the $40,000–$50,000 range.