Crypto News Update: Analyst Insights on Bitcoin’s Decline
As July began on a promising note for Bitcoin, recent sharp declines have been attributed to significant selling pressures stemming from various events, including the German government’s sales and Mt.Gox refunds. Now, the pressing question remains: How deep will Bitcoin’s decline go?
Analysts Weigh In on Bitcoin’s Potential Floor
Basile Maire, co-founder of the decentralized exchange D8X and former UBS executive, expressed optimism to Decrypt, suggesting that Bitcoin is unlikely to drop below $50,000. Maire noted a bearish short-term outlook but emphasized that the current options trading indicates strong clustering between $50,000 and $60,000. He highlighted that the clustering trends closer to $60,000, making a dip below $50,000 improbable based on July’s options data.
Justin d’Anethan, senior manager at market maker Keyrock, echoed this sentiment, attributing Bitcoin’s potential floor to the actions of large institutional investors. He suggested that while the price could revisit the consolidation area seen in February around $50,000 to $52,000, a sustained drop below $50,000 is deemed unlikely.
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