Bitcoin Price Prediction as Traders Bet on Trump’s Return – How High Can BTC Go?
Bitcoin’s price has fallen to its lowest since late February, with on-chain analysts predicting a further 16% drop to $47,000 as the next bottom . This projection represents a 25% drop from the average purchase price of short-term Bitcoin holders, with significant capitulation expected among new market entrants at this level.
As Bitcoin trades at $56,374, reflecting a 20.73% decline over the past month, analysts note that such pullbacks are overdue. They are reminiscent of past corrections, like the 60% drop during the COVID-19 panic in March 2020.
Also, Joe Burnett, a former Blockware Solutions analyst and senior product marketing manager at Unchained, predicts that Bitcoin market conditions will ease only when the sell-off pressure from Mt. Gox and Germany subsides .
German BTC transfers continue with 1,300 BTC sent to exchanges, likely adding pressure to sell and altering Bitcoin price. What happens next?#Bitcoin #BTC #Germanyhttps://t.co/9LmTNOPU3U
— Cryptonews.com (@cryptonews) July 4, 2024
The crypto market faces significant headwinds due to the anticipated Bitcoin sell-offs from these entities. Germany recently transferred 3,000 BTC to various exchanges and still holds 40,359 BTC, while Mt. Gox has moved $2.7 billion worth of Bitcoin in preparation for a $9 billion payout to creditors.
Mt. Gox, the Japanese Bitcoin exchange that suffered a notorious collapse in 2014, has started distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash today.https://t.co/i91B5JyuD2
— Cryptonews.com (@cryptonews) July 5, 2024
This pressure has caused Bitcoin prices to drop to $53,550, their lowest in four months. Burnett suggests that large buyers may stabilize the market once the selling pressure decreases,
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