There has been a significant decline in the price of Bitcoin in the last few months. This situation created concern among investors and led to various speculations about the future of the cryptocurrency market. So, is this drop in Bitcoin worrying or just a temporary fluctuation? In this article, we will examine the main reasons behind the decline in BTC price and give the opinions of experts on the subject. We will also make predictions about how Bitcoin might trend in the coming months.
Why did Bitcoin price drop?
There has been a significant decline in Bitcoin price over the last few months. This decline made investors nervous and led to speculation about the future of the cryptocurrency market. BTC is currently recovering above $56,700. However, according to experts, it is near the 365-day exponential moving average (365-EMA) at $50,589, an important level for the previous year, known as psychological support. The 30-day EMA is showing resistance at $62,695. So, what are the main reasons behind this decline in BTC price?
Mt. Gox Refunds: Mt. Gox, which went bankrupt in 2014. Gox exchange started repaying Bitcoin to its creditors. This leads to a large supply of Bitcoin being released into the market and a drop in prices. Experts predict that refunds could take several years to complete, putting pressure on the Bitcoin price during this process.
Bitcoin Sales by Germany and the US Governments: The German and US governments started selling the Bitcoins they had. These sales contribute to the decrease in prices by creating excess supply in the market.
Outflows in Spot Bitcoin ETFs: Spot Bitcoin ETFs allow investors to indirectly invest in Bitcoin. There has been a significant outflow from these ETFs recently, causing the BTC price to decrease.
Decrease in the Activities of Institutional Investors: With the beginning of the summer months, there is a decrease in BTC purchases by institutional investors. This causes market liquidity to decrease and prices to fluctuate.
Profit Selling by Long-Term Investors: Some investors who invested in Bitcoin for the long term have started to realize the profits they made from the recent price increases. This increases sales pressure and contributes to the decrease in prices.
What do the experts say?
Experts have different opinions about how long the downward trend in Bitcoin price will last. Some think that the decline is short-term and the BTC price may rise again in the coming months. Other experts argue that the downward trend may last for a long time and the Bitcoin price may decline further. While some major players like Grayscale agree on understanding the reasons for the decline in Bitcoin and the cryptocurrency market, they expect BTC and the overall cryptocurrency market to recover in the coming months unless there is a significant change in the macroeconomic outlook.
As a result, there is not a single reason behind the decline in BTC price, but multiple factors. Experts have difficulty predicting what course BTC will follow in the coming months. It is important for investors to be careful during this period and do detailed research before making their investments.
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