Odaily Planet Daily News eToro market analyst Josh Gilbert said in an interview that most of the current Bitcoin sell-off can be attributed to concerns about the repayment of Mt.Gox creditors, and about $8 billion worth of BTC will flow into the market starting this month. Bitcoin's price trend is expected to deteriorate further in the next few days. It pointed out that there are far more negative news than positive news at present, and the selling activity obviously makes investors uneasy, which often triggers more selling. "I would not be surprised if Bitcoin tests the $50,000 level within the next week, but it will be a key psychological level." Gilbert added that prices will be weak in the short term until the market receives a catalyst to push prices higher, which may appear in the form of investors buying at the bottom or the Ethereum spot ETF being approved to improve market sentiment. Despite the bearish short-term outlook, Gilbert said that investors also have reason to remain bullish in the longer term. "We look forward to catalysts such as the Fed's interest rate cut in September, and possible interest rate cuts in December to boost prices." (Cointelegraph)
