Bitcoin Faces Potential $60,000 Dip Amid Market Uncertainty

Bitcoin’s price dipped to $65,018 on Friday, sparking concerns among traders about a potential further decline in the coming weeks.

Investors in Bitcoin are preparing for a significant correction in the cryptocurrency market. Many believe that Bitcoin, the world’s largest cryptocurrency, might fall to $60,000. This expectation is based on recent selling activity among miners and other market factors, as reported by CoinDesk.

On Friday, Bitcoin’s price hovered slightly above $67,000 before dropping to a low of $65,018. This marked the lowest price for Bitcoin since May 16, following a challenging week for the cryptocurrency.

The broader crypto market faced additional setbacks this week, with several Bitcoin ETFs (exchange-traded funds) experiencing continuous outflows. Notably, excluding BlackRock’s new Bitcoin ETF, there were $226 million in withdrawals from Bitcoin ETFs on Thursday alone.

This was the third consecutive day of outflows. Nearly half of these outflows came from Fidelity’s Wise Origin Bitcoin Fund, which saw $106 million in withdrawals, and the Grayscale Bitcoin Trust, which lost $62 million.

Despite these outflows, experts warn that the worst may not be over. Bitcoin’s price could continue to decline, even though some factors suggest potential for positive price movements.

“Bitcoin is persistently testing the 50-day moving average without sufficient incentive to decline further. This ongoing retesting of lows positions bears for potential quick gains, aiming next at $60,000,” explained Alex Kuptsikevich, a senior market analyst at FxPro, in an interview with CoinDesk.

On the other hand, despite the short-term bearish outlook, analysts at AllianceBernstein, a global asset management firm, suggested on Friday that Bitcoin could rise to $200,000 next year.

Also Read: Gemini Settles $50M Crypto Fraud Case in New York

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