[Is Bitcoin’s dilemma not over yet? Analysts predict further plunge to $47,000]
Although Bitcoin has recently recovered to $56,000, the July 5 drop below $54,000 reminded investors of the market’s volatility. Bitcoin is down 7% and 20.25% over the past seven days and thirty days, respectively.
Many crypto traders and analysts still believe it is a bull cycle in the long term, but some are not surprised by the sudden price drop. Trader @TheFlowHorse noted that a drop to $53,000 is in line with his target of $52,000. Ki Young Ju, CEO of CryptoQuant, noted that Bitcoin could fall to $47,000.
According to Ki Young Ju, Bitcoin remains in a bull market long-term and is expected to continue until early 2025. Despite such bullish predictions, the market is currently facing a short-term bearish scenario. Ki Young Ju reminds traders not to open highly leveraged long or short positions based on long-term bull market predictions due to the current uncertainty.
Ki Young Ju said Bitcoin’s long-term price target is expected to rise to $112,000, a prediction based on BTC’s realized market capitalization since July 2010. At the time of writing, Bitcoin is trading at $56,520, having rebounded 4.67% since its recent dip below $54,000. However, despite the price recovery, the cryptocurrency is still at risk of further losses, with whales selling more than $1.7 billion of BTC in the past 30 days. Additionally, collapsed crypto exchange Mt. Gox began repaying BTC to its creditors, which is expected to release $2.71 billion in Bitcoin supply to the market, potentially exacerbating selling pressure.
If Bitcoin fell to $47,000, it would represent a 16% drop from current price levels. Market participants continue to await Bitcoin’s price action in July, which is historically a positive month.
