Will Bitcoin Drop to $60,000: Analysts Warned!

According to cryptocurrency analysts, the data to be announced this week puts pressure on the Bitcoin price.

Cryptocurrency investors are waiting for personal consumption expenditure data to be announced tomorrow in the USA.

Cryptocurrencies, which are among the largest in terms of market value, have lost up to 5% in value in the last 24 hours. While Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins decreased by 5% each, a similar decrease was accompanied by XRP, Solana and BNB.

According to analysts of the Japanese cryptocurrency exchange BitBank, consumer perception being stronger than expected and bond sales remaining weak are pressuring the Bitcoin price.

“The [Bitcoin] price probably won't know which way it will go until the US personal consumption expenditures data is released on Friday, and this could be a go-or-go situation for Bitcoin,” analysts said. “If inflation data comes back better than expected, Bitcoin may lose its gains in the last two weeks and drop to around $65,000,” he said.

FxPro senior analyst Alex Kuptsikevich said, “In the most bearish scenario, the price could drop to $60,000. "In a more optimistic scenario, the price may be pulled to the $65,000 region, where the 50-day moving average is located," he said.