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Bitcoin‘s (BTC) price falling below $61,000 has sparked discussions among cryptocurrency investors concerned about future price movements. Investors are cautiously observing the volatile conditions affecting the broader crypto market, especially Bitcoin, while leading crypto company QCP Capital has warned about potential factors that could drive the largest cryptocurrency’s price down to $50,000.
Bitcoin May Drop to $45,000
QCP Capital noted that the typical $60,000 level supporting Bitcoin’s price in the second quarter is now under new pressure, pointing to several contributing developments. A significant factor is the Bitcoin flow from Mt. Gox repayments. For those unaware, the collapsed Mt. Gox exchange will start repaying creditors in BTC and Bitcoin Cash (BCH) from July 2. This repayment will increase Bitcoin’s supply on exchanges, likely boosting volatility.
QCP Capital also highlighted that large-scale Bitcoin sales by government agencies are impacting the market. This warning comes as the U.S. government‘s significant BTC transfers to crypto exchanges and similar actions by the German government have worried investors. These transactions could exert further downward pressure on Bitcoin’s price due to rising concerns about liquidity and market stability.
On-chain data analysis company 10X Research also warned that Bitcoin is in a precarious position. They pointed to growing concerns about a potential “double top” formation, a chart pattern that typically signals significant upcoming price drops. The company suggests that Bitcoin could test lower levels, potentially falling to $50,000 and even down to $45,000. Ongoing uncertainty and liquidity issues are contributing to the bearish sentiment surrounding Bitcoin.
$50,000 Level Could Provide Strong Support Amid Deeper Decline
On the other hand, QCP Capital is not entirely pessimistic. Although they emphasize the possibility of a drop to $50,000, they believe the market will find strong support at this level. The company argues that traditional finance’s interest in Bitcoin remains robust, supported by global regulatory easing, which could provide a balancing effect.
Moreover, upcoming events could bring positive momentum to the cryptocurrency market. Next week, the launch of spot Ethereum ETFs in the U.S. could bring excitement and optimism back to the market. Additionally, developments around the spot Solana ETF could increase interest, positively affecting market dynamics.
At the time of writing, Bitcoin’s price is trading near $61,000, with trading volume up 9% from the previous day, reaching $23.62 billion. Open interest in Bitcoin futures has seen a slight increase of 0.13% in the last 4 hours, while it has dropped by about 2% compared to the previous day. These metrics indicate a market sentiment of indecision as investors prepare for the potential impacts of the mentioned factors.
