Bitcoin's price took a nosedive to $53,600 on Coinbase on July 5, a low not seen since February. Analysts attribute the sell-off to fears over Mt. Gox creditor repayments, which will inject around $8 billion worth of BTC into the market. Market analyst Josh Gilbert predicts further price drops, potentially testing the $50,000 mark. Despite the short-term bearish outlook, Gilbert suggests potential catalysts like the Federal Reserve cutting interest rates and the possible approval of an Ethereum ETF could lift prices. IG Markets analyst Tony Sycamore believes if Bitcoin holds above $55,000, the uptrend could resume.