Bitcoin Price: Will There Be More Decline? Here Are 3 Analysis! - Kriptokoin.com

The price of Bitcoin has been in a downward trend for the past few weeks, falling below $61,000. This situation has led to speculation and concerns in the cryptocurrency market. So, what can we expect for the price of Bitcoin in the coming days?

What to expect for the price of Bitcoin?

QCP Capital, a well-known cryptocurrency firm, predicts that the price of Bitcoin could drop to $50,000. There are several factors behind this prediction:

• Mt. Gox: The Mt. Gox exchange, which went bankrupt in 2014, will start paying its creditors in Bitcoin in July. This could lead to a significant influx of Bitcoin into the market, potentially driving the price down. Mt. Gox is planning to pay 150,000 Bitcoins to its creditors. This represents a significant increase in circulating supply, which could depress the price.
• Government Sales: Some countries such as the US and Germany have started selling their Bitcoins. These sales may increase supply and create pressure on prices. As Kriptokoin.com reported, the US Treasury Department announced that it sold 20,000 Bitcoins in 2024. Additionally, the German government has been making substantial BTC sales in recent weeks.

Liquidity effect drew attention

At the moment, a research firm called 10X Research indicates that Bitcoin's liquidity is weak, which could increase price fluctuations. Zira Bitcoin's daily transaction volume has significantly decreased recently. This means that the price has become more sensitive to sudden and sharp movements. In addition, weekly and monthly technical indicators show that Bitcoin is heading for a broader correction.

10X Research researcher Markus Thielen argues that the Bitcoin price could fall as low as $55,000 in the near term, based on ten main reasons. Some of these reasons include:

• Weekly and monthly reversal indicators
• According to the trend model, Bitcoin entered a downtrend on June 20th
• Low volatility
• Seasonality: The third quarter tends to be historically the weakest period for Bitcoin.

There are also those who expect a rise.

However, some analysts believe that Bitcoin will rise. Matthew Sigel, President of VanEck Digital Assets, says that recent indicators have led him to believe in a rise in Bitcoin. Sigel explains the three main reasons for the expectation of a rise as follows: the magnitude of the losses experienced by short-term holders, low volatility, and Bitcoin's recovery after recent declines.

In conclusion, it is impossible to accurately predict where the price of Bitcoin will go in the coming days. The market is influenced by many factors and these factors are constantly changing. Therefore, investors should conduct their own research and consider the risks before making any investments.

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