Bitcoin price fell below the $60,000 support level, reaching a nine-week low of around $54,000 today, July 5.
According to Markus Thelen, founder and CEO of 10x Research, this decline could lead to a potential decline of up to or below $50,000.
Thelen noted in a note to investors that the psychological level of $60,000 is a critical point for miners and buyers of mutual fund shares.
Analyst Richard Galvin of Digital Asset Capital Management said that a political factor, such as the possibility of a stronger Democratic candidate replacing Biden, may influence the market.
He added that the biggest reason for Bitcoin's decline in the short term is the selling from Mt. Gox and the upcoming sale from the German government.
Andrew Kang, a cryptocurrency investor, predicted that the decline could reach $40,000, with a few months of volatility and a downward trend before the upward trend reverses.
While Alex Kubtsikevich, senior market analyst at FxPro, noted that Bitcoin has fallen below the 200-day moving average, and expects a further decline to $51.5 thousand.
Ultimately, Bitcoin dragged the rest of the cryptocurrency market with it, as altcoins suffered significant losses.
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