😱😱 Bitcoin crashed: Analysts say the decline is not over! 🔻
After #MtGox started transfers, the Bitcoin (#BTC ) price dropped to $53,600.
Although BTC saw its lowest level since February, analysts stated that the bad scenario is not over. Speaking to Cointelegraph, eToro market analyst Josh Gilbert said most of the sales were driven by Mt. Gox and that it could be due to repayments by creditors. With these refunds, approximately $8 billion worth of BTC will enter the market starting this month.
Bitcoin may test $50,000
Gilbert said he expects price movements to worsen in the coming days following Bitcoin's sudden drop to the $53,600 level. "The news flow is more bearish than bullish right now, and the selling activity we're seeing is clearly making investors nervous, which generally leads to more selling," Gilbert said.
“I wouldn't be surprised if BTC tests $50,000, but that will be a significant level.” He added the following to his statements:
Similarly, Swyftx analyst Pav Hundal told Cointelegraph that the worst may be yet to come for Bitcoin's price movements.
Critical support levels in Bitcoin are about to face an irrelevant market. Long-term macro conditions are still positive but we could test $50,000 and potentially lower in the short term. Hundal said $52,000 is currently a key battleground for bears and bulls.
Analysts at 10x Research also predicted that the Bitcoin price could fall to $50,000 in the coming weeks, warning that "the sell-off could accelerate as support breaks and sellers scramble to find liquidity."
Analysts' views that the bearish scenario will continue frightened crypto investors. Investors are focused on $50,000 for BTC.
