According to TechFlow, eToro analyst Josh Gilbert said that the sell-off was mainly due to concerns about Mt. Gox creditors repaying about $8 billion in BTC, and it is expected that the price may test $50,000 in the short term. 10x Research also predicted that the price of Bitcoin may continue to fall to $50,000.

Despite the short-term bearishness, Gilbert believes that possible interest rate cuts from the Federal Reserve in September and December, as well as the approval of an Ethereum ETF, could drive the market back up.

IG Markets analyst Tony Sycamore said that if BTC can maintain above $55,000, it is expected to retest the high of $73,794.