Bitcoinis struggling to maintain its bull market as Mt. Gox redemptions set off the biggest sell-off in years.
During this struggle, the price fell below $ 54,000, then recovered to above $ 55,000.
Drop is Normal, Buy the Dip in Bitcoin!
While analysts are also confused about BTC’s future movements and direction, Adam Back, founder and CEO of Blockstream commented on the recent decline.
According to Adam Back, BTC’s 26% decline in the last month is consistent with historical bull run patterns.
Sharing his BTC analysis from his X account, the famous CEO said that it was at normal rates compared to the declines experienced in previous bull rallies.
“In previous bull runs, there were -30% declines. Now we are at 26-27%. This is quite normal.
In fact, recent declines appear to be less deep, but people are forgetting the normal bull market pattern.
Don’t panic, buy the dip. Buy BTC.”
The Worst Is Yet to Come for Bitcoin!
Except Adam Back eToro market analyst Josh Gilbert also evaluated the recent decline.
Josh Gilbert said that much of the sell-off was due to fears over repayments from Mt. Gox creditors, which will see about $8 billion worth of BTC enter the market in July.
Gilbert stated that after Bitcoin experienced a sharp decline to $53,600, he expects the decline to deepen further in the coming days.
“Bitcoin news flow is currently more bearish than bullish, and the selling activity we are seeing is clearly making investors nervous, which usually leads to more selling.
I wouldn’t be surprised if Bitcoin tests $50,000 next week, but that would be an important psychological level.
Short-term weakness is likely to continue until we get a catalyst that will cause the price to rise.
“This bullish catalyst could come in the form of investors buying the dip or approval of a spot Ethereum ETF.”
Finally, Swyftx analyst Pav Hundal also said that the worst-case scenario for Bitcoin may not have happened yet. Hundal said about the price expectation “Long-term macro conditions for Bitcoin remain positive, but in the short term we could test $50,000 and potentially lower. $52,000 is currently a key battleground for bears and bulls.” said.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/analistler-bitcoin-icin-en-kotu-senaryoyu-acikladi-bu-seviye-icin-uyardi-btc-icin-sirada-ne-var/
