🔥🔥🔥 #bitcoin bitcoin drops to $53k, but analysts warn the worst is not over yet
Bitcoin price drops to $53,600 raising concerns
- On July 5, Bitcoin price fell to $53,600 on Coinbase, its lowest since February. According to TradingView, it has stabilized at $54,122. Analysts fear further declines, mainly due to the impending release of $8 billion from Mt. Gox.
Analyst insights:
1. Josh Gilbert (eToro):
- Attributed the sell-off to Mt. Gox.
- More negative price action is expected and a test of the $50,000 level is possible soon.
- Suggests short-term weakness until a catalyst, such as "buying the dip" or#ETHETFapproval, improves sentiment.
2. Pav Hundal (Swyftx):
- Believes that Bitcoin's worst price action may be imminent.
- Identify $52,000 as an important battleground, with a potential drop to $50,000 or lower.
- Recognizing positive long-term macroeconomic conditions but short-term challenges.
3. 10x Research:
- It is predicted that the price will continue to decrease, potentially falling to 50,000 USD.
- Warning of rapid sell-off if support level is broken.
Long-term outlook:
Despite the short-term #BEARISH📉 trend, Gilbert sees reason for long-term optimism:
- The possibility of the Federal Reserve cutting interest rates in September and December.
- It is possible that the SEC will fully approve Ethereum ETFs in July, increasing the number
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