In a surprising turn of events, Bitcoin has experienced a notable price drop, falling below the $60,000 mark. As of the latest market data, BTC is trading at $59,701.49, down 4.95% in the last 24 hours.
This major volatility has definitely raised the question of how well BTC can perform this weekend.
Factors Behind Bitcoin Dip and Future Outlook
The recent price decline can be attributed to several factors. One primary reason is the mounting pressure from the Mt. Gox BTC repayment, which could potentially lead to increased sell pressure in the market.
Adding to this, the German government has been offloading its Bitcoin holdings, further contributing to the downward price movement.
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In the last 24 hours, Bitcoin has seen a low of $59,662.74 and a high of $63,015.03. Despite the current bearish sentiment, some analysts remain optimistic about Bitcoin’s near-term prospects.
Coincodex, a prominent crypto prediction platform, has forecasted a potential surge in Bitcoin’s price over the weekend. According to their analysis, BTC is expected to reach the $69,000 level by July 6 and potentially hit the $70,000 mark on July 7.
This bullish prediction stands in stark contrast to the current market conditions. This suggests that the ongoing dip might be a temporary setback rather than a long-term trend reversal.
BTC has been riding a negative trend over the past 30 days. According to CoinGecko data, the bitcoin price has dropped 13.4% in the last 30 days. While the prediction from Coincodex paints an optimistic picture, the market has proven to be extremely volatile over the past few weeks.
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