Bitcoin drops below $61K as ETF outflows and Mt. Gox distribution weigh on markets. A trader maintains a $150K BTC prediction for 2024 despite short-term volatility.
Bitcoin (BTC) and other major cryptocurrencies experienced significant declines during Asian trading hours, erasing early-week gains. The drop is partly attributed to concerns over large BTC sales from the upcoming Mt. Gox asset distribution. Despite this turbulence, some traders remain bullish, predicting BTC could reach $150,000 by the end of the year.
Key Points:
Market Decline: * BTC fell to $60,900 from over $62,000, with ETH, SOL, and DOGE also experiencing losses.
The CoinDesk 20 index (CD20) dropped more than 1.7% in the past 24 hours. ETF Outflows:
U.S.-listed ETFs tracking BTC saw $13 million in net outflows, ending a five-day inflow streak. Mt. Gox Distribution:
Concerns over the distribution of assets from the defunct Mt. Gox exchange have contributed to bearish sentiment.
Up to 140,000 BTC are expected to be released, potentially adding selling pressure. Bullish Predictions:
Despite the sell-off, some traders remain optimistic about BTC’s long-term prospects.
Tom Lee from Fundstrat Global Advisors maintains his prediction of BTC reaching $150,000 by year-end.
Related: Meta Seeks AI Expert to Revolutionize Metaverse with $347K Salary Amid Brazilian Regulatory Setback
Bitcoin's recent dip below $61,000 highlights ongoing market volatility, driven by concerns over the impending Mt. Gox asset distribution and ETF outflows.
However, the long-term outlook remains positive for some traders, with predictions of a substantial rally later in the year.
As the market navigates these challenges, the potential for BTC to rebound strongly remains a topic of keen interest.
Source: Coindesk