Bitcoin (BTC) Price Analysis & Prediction: Will the Market Rebound from the Recent Dip?

Bitcoin was hit the hardest on Jun 24, 2024, and fell below $59000 amid volatile and uncertain cryptocurrency market trends. While many **predict** the downfall as a quick market response to Mt. Gox's announcement of repaying the creditors in Bitcoin and Bitcoin Cash, experts **reveal** ETF outflow, miners' sentiments

Bitcoin’s **price** **dropped** **sharply** on June 24, 2024, falling below **$59,000 amid volatile and uncertain cryptocurrency market trends. While many predict the downfall as a quick market response to Mt. Gox’s announcement of repaying the creditors in Bitcoin and Bitcoin Cash, experts reveal ETF outflow, miners’ sentiments, the German government moving Bitcoin to popular exchanges, and Federal Reserve rate cuts affecting the price fluctuation considerably. Even though this leading cryptocurrency has always outperformed expectations, investors are left confused about whether they should “buy the dip” or “sell their lot.” BTC reached its all-time high in March 2024, just two months after the Bitcoin ETF approval. Since then, it has been struggling to maintain the value close to $**70,000. Mt. Gox was **hacked** back in 2014 for about 70,000 Bitcoins. Mt. Gox’s **trustee**, Nobuaki Kobayashi, **announced** on X that the Mt. Gox would **start** the **repayment** of **$9 billion BTC to investors between July 2024 and October 2024. It is speculated that the investors will sell the asset, increasing the market supply of the cryptocurrency, and thereby, the price would drop. Besides, Bitcoin ETFs witnessed $**174 million of **outflows** following the news, possibly leading to a BTC **price** correction. Contributing to the **increased** market **supply** and **bearish** **trend**, Germany’s government has **deposited** about 400 Bitcoins on **popular** exchanges Coinbase and Kraken following the **transfer** of 1700 BTC by the same agency. Another **prominent** **reason** could be that Bitcoin miners may **sell** their BTC because the **rewards** are **cut** in **half** following Bitcoin’s **halving**. When writing this **piece**, Bitcoin was **priced** at **$61,180.37 and had a 24-hour trading volume of $**37 billion. The Fear and Greed Index for Bitcoin is 30 at the **moment**, **indicating** that investors are **worried** about the **drop** in the world’s leading cryptocurrency and, at the same **time**, **indicating** a **buying** **opportunity**. A **similar** index was **last** **experienced** in September 2023. Analysts **believe** that the **price** may **drop** to **$50,000 in the future, leaving investors more fearful. However, considering the reliability of Bitcoin so far and its long-term investment, the king of the crypto world is expected to make a strong comeback**.

The above is the detailed content of Bitcoin (BTC) Price Analysis & Prediction: Will the Market Rebound from the Recent Dip?. For more information, please follow other related articles on the PHP Chinese website!