According to QCP Analysis, Mt. Bitcoin May Face Price Fluctuations Due to Gox Coin Release and Government Sales

According to analysis by QCP investment firm, Bitcoin (BTC) may exhibit sideways movements.

According to CoinGecko data, the price of Bitcoin has fallen in the last 24 hours and fell below $ 61,000 again. Last week, Bitcoin lost 5.6% of its value.

QCP analysts observe that the $58,000-$60,000 range provides strong support for Bitcoin during the second quarter of the year.

Bitcoin Price Trends and Market Pressure

The Bitcoin market has been facing increasing selling pressure recently. While QCP analysts emphasize that the $58,000-$60,000 level has been a strong support range in the past, they now note that there are several external factors that could affect this stability.

Mt. Impact of Gox Coin Distribution

This time on the market, Mt. Bitcoin flow from Gox is expected. The bankrupt exchange will release billions of dollars worth of Bitcoin starting in July. However, various governments, including the German government, have started selling confiscated Bitcoins, increasing the selling pressure.

QCP analysts note that despite the expectation of range moves, Bitcoin price could experience significant declines. “We may test lower levels around $50,000, but we believe the market will find strong support in this region,” they said.

Upcoming Ethereum and Solana ETFs

On a more positive note, ETF applications for Ethereum ETFs and Solana, which are expected to hit the market in early July, are seen as positive developments. This may provide an optimistic outlook for the market amid the current uncertainties.

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