Analysts say Bitcoin could sink as low as $50,000, but strong macro conditions and an entrenched “buy the dip” mentality will quickly rebound BTC’s price.
The price of Bitcoin (BTC) crashed as low as $53,600 on Coinbase on July 5, the first time the asset has traded at this price since February this year, and analysts fear the worst is still yet to come.
Bitcoin has since leveled out to trade at $54,122 at the time of publication, according to TradingView data.
Speaking to Cointelegraph, eToro market analyst Josh Gilbert said much of the sell-off could be traced back to fears stemming from Mt. Gox creditor repayments, which will see around $8 billion worth of BTC hit the market starting this month.
