Grey forecasts Bitcoin could fall to $44,000 due to market sell-offs and seasonal trends.
The recent Mt. Gox Bitcoin distribution adds pressure on the market.
Investors are advised to avoid panic selling and consider strategic buys or short selling
Crypto analyst Grey BTC warns that Bitcoin’s price could plummet to $44,000 in the coming weeks, citing market sell-offs and historical patterns. In a recent video posted on X, he urged crypto investors to reassess their strategies to navigate the anticipated downturn.
Grey highlights several key factors contributing to this prediction. A major factor is the ongoing distribution of Bitcoin from the Mt. Gox rehabilitation program. Mt. Gox, the defunct cryptocurrency exchange, recently began redistributing Bitcoin to creditors, leading to increased selling pressure. According to Grey, around 60,000 Bitcoins have already been distributed, with more expected to be sold off, impacting the overall market.
He also pointed to September’s historically bearish trend in the crypto market, which could further fuel Bitcoin’s expected price drop. “September tends to be a down month for crypto,” he notes, underscoring how seas…
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