Bitcoin fell 8.1% to $58,528 on Monday, its biggest intraday drop since April 13. The price of bitcoin has been hit as exchange-traded products holding the cryptocurrency have suffered outflows for two consecutive weeks.

More than $210 million worth of bullish bets on cryptocurrencies were liquidated in the past 12 hours, according to data compiled by tracker Coinglass.

Bitcoin falls, while altcoins rebound

The originally one-sided market sentiment began to diverge, and everyone was speculating whether there was a possibility: the copycats would rebound independently, while the big cake would continue to fluctuate?

To learn more about cryptocurrency investment logic, please visit my homepage! 🌟

This conjecture is still very likely, because there are traces in the market.

First, the altcoins have fallen a lot, and many coins have returned to the price range of 2022

Second, this wave of decline in the altcoin market lasted for more than three months, which can be said to be the longest period of volatility since Bitcoin hit bottom in November 2022.

Third, the duration of the copycat outbreak is generally short, and once it rises, it will rise sharply in a short period of time, such as the meme sector and the previous inscription sector.

Fourth, Bitcoin is the most stable currency in the entire currency circle, and many other altcoins are not as good as Bitcoin. However, there are very few retail investors who buy Bitcoin in the currency circle.

Fifth, the market that can really trap everyone at the top of the mountain will definitely not be a market that rises, falls, and then rises again. The market that can make everyone willing to stand guard must be when the market is completely crazy and everyone is shouting "bull market"!

Combining the above points, the market still needs a decent wave of market conditions to make everyone really excited. Whether it can be crazy or not depends on whether everyone is willing to add fuel to the fire and let the fire in the currency circle burn thoroughly.

Will Bitcoin fall to $50,000 in July? Or will it break through $80,000?

Judging from the macroeconomic data, the data released earlier this week were weaker than expected, which should have boosted expectations for the Fed's interest rate cut in September. However, Friday's PMI data showed that overall business activity remained resilient, immediately extinguishing the "flame" of a September interest rate cut.

There are 2 negatives

First, ETFs saw a net outflow of $545 million this week, and it has been outflowing for eight consecutive trading days, indicating that investors' risk aversion sentiment is strong.

The second is the Mt. Gox incident. The 10-year Mt. Gox "plot" is coming to an end. The current payment deadline is set as October 31, 2024. There may be a selling pressure of Bitcoin worth billions of dollars.

Will Bitcoin fall back to 50,000 in July or will it reverse and break through and head towards 80,000?

I think there is a high probability that there will be signs of bottoming out and rebounding. The current pullback is also in preparation for the next breakthrough. Wall Street analysts also said that although Bitcoin bulls are exhausted, they have done a good job in defending key support. The market is waiting to break through the $66,000 level. Once it stabilizes, the upward momentum is at hand and the reversal will come.