🔥🔥🔥 #bitcoin crashes to $53K, but analysts warn the worst isn’t over
Bitcoin Price Drop to $53,600 Raises Concerns
- On July 5, Bitcoin's price fell to $53,600 on Coinbase, its lowest since February. It has since stabilized at $54,122, according to TradingView. Analysts fear further declines, primarily due to the impending $8 billion $BTC release from Mt. Gox creditor repayments.
Analyst Insights:
1. Josh Gilbert (eToro):
- Attributes the sell-off to Mt. Gox repayments.
- Expects more negative price action and possible testing of the $50,000 level soon.
- Suggests short-term weakness until a catalyst, like "buying the dip" or an #ETHETF approval, improves sentiment.
2. Pav Hundal (Swyftx):
- Believes Bitcoin's worst price action might be ahead.
- Identifies $52,000 as a key battleground, with potential dips to $50,000 or lower.
- Notes positive long-term macro conditions but short-term challenges.
3. 10x Research:
- Predicts a continued dip, potentially down to $50,000.
- Warns of accelerated selling if support levels break.
Long-Term Outlook:
Despite short-term #BEARISH📉 trends, Gilbert sees reasons for long-term optimism:
- Potential Federal Reserve interest rate cuts in September and December.
- Possible full acceptance of an Ethereum ETF by the SEC in July, boosting the #CryptoMarket .
The current market sentiment is bearish, but upcoming catalysts could shift the trend positively.
Source - cointelegraph.com
