Bitcoin just took a nosedive, plunging below $62,607 and marking a new low for the month! What’s behind this sudden price drop, and where is Bitcoin headed next? We untangle the reasons for the recent slump and explore what experts are saying about the future.
Dive in for all the answers you seek.
Here are the price reasons pointed out by an expert, identified as Wise Advice on the X platform.
Historically, June has often been the month when Bitcoin reaches its lowest point of the year. This pattern has held true in recent years: in June 2020, Bitcoin dropped to $9,000; in June 2021, it hit $29,500; in June 2022, it reached $19,000; and in June 2023, it bottomed out at $24,700. Following this trend, analysts suggest Bitcoin may stabilize around $59,000 to $60,000 this month, potentially signaling a rebound.
At the beginning of June 2024, Bitcoin was priced around $67,713. It briefly surged above $71,103 on June 5th before entering a downward trend. This decline has been marked by several large red candlesticks interspersed with smaller green ones on the daily BTC/USD chart. Over the past 30 days, Bitcoin has seen an overall 8.8% decrease, with a 5.2% drop in the past week and a 2.6% decline in the last 24 hours.
In summary, Bitcoin’s recent price drop can be attributed to significant miner sell-offs, changes in Federal Reserve liquidity policies, consistent outflows from Bitcoin ETFs, and a bearish market sentiment reflected in the IFP indicator. Despite the current challenges, historical data suggests June could be a pivotal month where Bitcoin establishes a new baseline before potential recovery.
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