At the time of writing, BTC fell to $64,500 after reaching $65,200. MTGOX decline did not last long. However, it should not be forgotten that crypto is a difficult market to predict and we should always be open to surprises. The fact that the price of BTC is increasing along with Gold and Silver is another important detail that gives morale.

Will Cryptocurrencies Fall?

MtGox exchange announced that it would start refunds in July. Today, approximately $3 billion worth of BTC was transferred to the Kraken exchange for distribution. In the statement made later by the trustee, it was mentioned that refunds were made to 13 thousand people throughout July. Returns are not turning into sales as quickly as feared for now. Investor panic fueled weeks of selling pressure on fears beyond refunds.

Popular cryptocurrency analyst Credible Crypto mentioned in his latest market assessment that he was not sure about the rise.

“I can see an argument for both scenarios right now – that the LTF impulse at 58k could be our bottom, or that this is just a divergence to gather some momentum to take our lows.”

Daan Crypto Trades was the second analyst to address the current situation and wrote;

“So far, yes, we have seen some euphoria from those evaluating the bottom. But we're also in the middle of a solid disbelief rally, with major short squeezing and confused reactions for those who didn't expect such a rapid move. In my opinion, going back to 59-60 thousand levels would not be very good and would show weakness. Technically this is a good level and if it holds the chart will be good. "But in practice, such 'perfect retests' rarely occur and are usually just a sign of weakness."

BTC Price Prediction

The third well-known analyst is Rekt Capital, who is famous for accurately predicting some major price movements. According to him, the last recovery was an important step that should not be underestimated, and we can see bigger peaks with the re-accumulation range being rolled back. Institutions and whales buying on the dip collected more than 100 thousand BTC, and this relatively high demand was already a sign of things to come.

“The Reaccumulation Range has been successfully rolled back. "The importance of this recovery cannot be underestimated."

Poppe gave hope by saying that the all-time record price will be tested in the next two and a half months. Poppe, the fourth analyst, wrote:

“BTC is back in range. It experienced a divergence below the low range. However, it has returned to range in the last few days. “As long as the $60,000 level is maintained, I expect to see a new all-time record level before the end of the third quarter.”