{"id":24393,"date":"2024-07-05T11:30:04","date_gmt":"2024-07-05T08:30:04","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24393"},"modified":"2024-07-05T09:31:47","modified_gmt":"2024-07-05T06:31:47","slug":"bitcoin-crashes-to-53600-due-mt-gox-repayment","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-crashes-to-53600-due-mt-gox-repayment\/","title":{"rendered":"Bitcoin Crashes to $53,600 Due to Mt. Gox Repayment Fears; Analysts Predict Further Decline"},"content":{"rendered":"<p><strong>Bitcoin<\/strong> crashes to $53,600 as <strong>Mt. Gox<\/strong> repayments loom. Analysts predict further decline but remain hopeful for long-term recovery with potential catalysts.<\/p>\n<p>The price of <strong>Bitcoin<\/strong> crashed as low as $53,600 on Coinbase on July 5, marking the first time the asset has traded at this price since February this year. Bitcoin has since leveled out to trade at $54,611 at the time of publication, according to TradingView data.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-crashes-to-53600-due-mt-gox-repayment\/#Analysts_Concerns_and_Predictions\" title=\"Analysts&#8217; Concerns and Predictions\">Analysts&#8217; Concerns and Predictions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-crashes-to-53600-due-mt-gox-repayment\/#Potential_for_Short-Term_Decline_and_Long-Term_Recovery\" title=\"Potential for Short-Term Decline and Long-Term Recovery\">Potential for Short-Term Decline and Long-Term Recovery<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Analysts_Concerns_and_Predictions\"><\/span>Analysts&#8217; Concerns and Predictions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>eToro<\/strong> market analyst <strong>Josh Gilbert<\/strong> said much of the sell-off could be traced back to fears stemming from Mt. Gox creditor repayments, which will see around $8 billion worth of BTC hit the market starting this month. Following the sudden dip to the $53,600 level, Gilbert expects worsened price action for Bitcoin in the coming days. <em>\u201cThe news flow is far more bearish than bullish right now, and the selling activity we\u2019re seeing is quite clearly unsettling investors, which often drives more selling,\u201d<\/em> Gilbert said. <em>\u201cIt wouldn\u2019t surprise me to see the asset test $50,000 within the next week, but that will be a key physiological level.\u201d<\/em><\/p>\n<p>Similarly, <strong>Swyftx analyst Pav Hundal<\/strong> told that the worst of Bitcoin&#8217;s price action could be yet to come. <em>&#8220;A vast wall of Bitcoin is about to meet a market that was already apathetic. The macro conditions long-term are still positive, but short term we could test 50k and potentially lower. $52k is a key battleground for bears and bulls at the moment,&#8221;<\/em> said Hundal.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Potential_for_Short-Term_Decline_and_Long-Term_Recovery\"><\/span>Potential for Short-Term Decline and Long-Term Recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts from <strong>10x Research<\/strong> also predicted a continued dip that could see the price of <strong>Bitcoin<\/strong> brought as low as $50,000 in the coming weeks, warning that selling <em>\u201ccould accelerate as support gets broken and sellers scramble to find liquidity.\u201d<\/em> Despite the short-term bearish outlook, <strong>Gilbert<\/strong> said there are also reasons for investors to remain bullish on a longer-term time horizon. <em>\u201cWe look to catalysts such as the Federal Reserve cutting interest rates in September, with the potential for another cut in December to lift prices.\u201d<\/em><\/p>\n<p><em>\u201cOn top of that, the full acceptance of an Ethereum ETF from the SEC, with a July launch date, would be a big boost for the crypto market,\u201d<\/em> he added.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400;\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin crashes to $53,600 as Mt. Gox repayments loom. Analysts predict further decline but remain hopeful for long-term recovery with potential catalysts. The price of Bitcoin crashed as low as $53,600 on Coinbase on July 5, marking the first time the asset has traded at this price since February this year. Bitcoin has since leveled<\/p>\n","protected":false},"author":6,"featured_media":24397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[61,566],"class_list":["post-24393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-bitcoin","tag-mt-gox"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Crashes to $53,600 Due to Mt. 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