Bitcoin Plummets to $56.5k: Experts Predict Deeper Crash to $50k!

The trading price of Bitcoin is currently at an eight-month low, indicating the highest bearish phase. Amid this uncertainty, whales are anticipating further corrections.

The current trade price of Bitcoin (BTC) is $57,432 & this price is 17% down over the last 30 days period. 

Notably, the trading price of BTC has hit a low of $56,813, which has been enough to act as a catalyst for more bearish predictions by Bitcoin analysts.

Experts at 10x Research predict that Bitcoin will fall below $57,000 from over $60,000 on July 4, and may drop further to $50,000. They note that breaking the $60,000 mark towards $50,000 shows a significant change in market sentiment. This shift is due to decreasing buy flows and increasing sell flows. Analyst Markus Thielen mentioned that their data from early June indicated that the market was overbought and ready for a correction.

Bloomberg ETF expert Nate Geraci noted that the big players are taking this opportunity to accumulate Bitcoin via spot ETF products.

He said that “Boomers adding spot BTC & ETH ETFs to portfolio…” suggests that older investors, often referred to as “boomers,” are starting to include Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in their investment portfolios. This indicates a growing acceptance and interest in cryptocurrency investments among older generations.

With the phrase “Happy 4th everyone! 🇺🇸”, he is calling it simply a celebratory greeting for the Fourth of July, which is Independence Day in the United States.

Another Crypto analyst noted that Bitcoin seems to be following a trade price pattern of 2023. Indirectly hinted that Bitcoin is now ready to show a big rally.

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