Bitcoin Price Might Crash to $50K or Even Lower: Analysts

Bitcoin prices plunged below support at $60,000, falling to a nine-week low of around $57,000 during trading on July 4.

In a note to investors on July 4, Thielen said that the psychological $60,000 level is a key level for miners and Bitcoin Spot ETF buyers, broadly marking the bottom of a three-month trading range.“Price declines could accelerate as support gets broken and sellers scramble to find liquidity,” he said before adding:

“A bigger reason in the short term for the Bitcoin weakness is the overhang from Mt. Gox, and government selling.”

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