Investment Company Warns: Bitcoin May Decline Up to $50,000

According to analysis by investment firm QCP, Bitcoin (BTC) may move sideways for a while.

Bitcoin (BTC) price has fallen below $61,000 again with the decline in the last 24 hours. According to CoinGecko data, Bitcoin lost 5.6% in value in the last seven days.

Selling pressure is increasing

QCP analysts said the $58,000-60,000 level provided Bitcoin with solid support throughout the second quarter of the year.

However, unlike the second quarter, this time Mt. There will be coin entry from Gox. Bankrupt Mt. Gox will begin distributing billions of dollars worth of Bitcoin starting in July. In addition, several governments, including the German government, began selling Bitcoins they had confiscated in the past.

It can drop up to 50 thousand dollars

“We think these numbers are likely exaggerated and the market will move sideways within a certain range,” QCP analysts said.

However, during this period, there may be a large decrease in the price of Bitcoin. Analysts said, “We may test lower levels towards the 50 thousand dollar levels, but the market will find strong support in that region.”

QCP analysts emphasized that Ethereum ETFs, which are expected to enter the market at the beginning of July, and ETF applications for Solana are also positive.

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