“Buy the bottom” phrases briefly doubled on social platforms like Reddit, Crypto research firm Santiment tracked the total bets of crypto traders discussing which bull market phase Bitcoin is currently in. Bitcoin is currently trading at $58,900, down 4.2%.

Tom Lee, founder of financial research firm Fundstrat, Mt. Gox is preparing to offload $9 billion worth of Bitcoin to its creditors at the end of this month, which accounts for much of the recent negative sentiment, he said.

GCM Investment Research Manager Kudret Ayyıldır claimed that Bitcoin's failure to hold on to $67,500 since April had rang alarm bells. Ayyıldır predicted that this negativity could cause Bitcoin to correct to the $48-50K bottom.

The Crypto Fear and Greed Index measures market sentiment for Bitcoin and the broader cryptocurrency industry and is currently in “Fear” territory with a score of 44 out of 100.

Do you think this decline in Bitcoin is a buying opportunity or a harbinger of a larger correction? We are waiting your comments.#Bitcoin#Cryptocurrency #Blockchain