Analysts say Bitcoin could sink as low as $50,000 but said strong macro and an entrenched “buy the dip” mentality could see price rebound quickly.) 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.Bitcoin fell as low as $53,600 on Coinbase on July 5. Source: TradingView
“The news flow is far more bearish than bullish right now, and the selling activity we’re seeing is quite clearly unsettling investors, which often drives more selling,” Gilbert said. “There will be weakness in the short term until we receive a catalyst to drive the price higher, and that might come in the form of investors ‘buying the dip’ or an ETH ETF approval to improve sentiment,” he added.that could see the price of Bitcoin brought as low as $50,000 in the coming weeks, warning that selling “could accelerate as support gets broken and sellers scramble to find liquidity.”
“We look to catalysts such as the Federal Reserve cutting interest rates in September, with the potential for another cut in December to lift prices.”