Analyst Fears King Crypto Drop To $51K

Bitcoin, Ethereum, Dogecoin Crash as Mt.Gox Moves $2.7B to New Wallet: King Crypto’s Drop to $51K Feared by Analysts

The cryptocurrency market bled profusely on Thursday as investors shuddered at the movement of billions of Bitcoin (CRYPTOPHORUS: BTC) before a likely sell-off.

Read also:

What happened: Bitcoin plunged to the $57,000 zone, its lowest since Feb. 28. Since the beginning of this week, the world’s largest digital asset has fallen 9.5%, nearly 21% below its all-time high set earlier this year.

The second largest cryptocurrency, Ethereal, also dropped to a six-week lowerasing all the gains made since the furore surrounding spot ETF approvals in mid-May.

Sales were hit by the movement of 47,228 Bitcoin, worth $2.7 billionfrom a defunct cryptocurrency exchange Mount Gox from a cold wallet to a new wallet, possibly in preparation for payments to creditors.

The crisis has forced the largest wave of liquidations since mid-April, with $541.45 million in futures contracts wiped out in the last 24 hours. Long-term liquidations accounted for a whopping $472 million.

Bitcoin’s Open Interest has fallen by 7% in the last 24 hours. A drop in price, accompanied by a drop in OI, is seen by some analysts as a good sign because they believe the downtrend will end once all the long sellers have closed their positions.

Trending: 1 in 4 Americans Owns a Stake of Bitcoin According to NASDAQ, How many people started with this free cryptocurrency faucet?

The Cryptocurrency Fear & Greed Index flashed a “fear” signal, implying that investors were bearish on the market outlook. But such conditions also offer buying opportunities for bold dip buyers.

Top Losers (24 Hours)

The global cryptocurrency market capitalization stands at $2.09 trillion, after a 6.06% decline in the last 24 hours.

Stock futures were flat on Thursday evening. Dow Jones Industrial Average Futures is up 0.08% as of 9:00 p.m. EDT. Futures tied to the S&P 500 Index gained 0.01%, while Nasdaq 100 futures slipped by 0.03%.

Markets will open on Friday after the July 4 break. Investors have now turned their eyes to the June employment data release.

The story continues

See more: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez has sounded a bearish warning, with further potential declines ahead for Bitcoin.

“A Bitcoin close below $57,000 could spell trouble, with only potential support at $51,000,” Martinez said.

“If BTC can break above this level, the next significant target is $78,700,” Martinez explained.

In a positive forecast, popular analyst Capital Right highlighted the possibility of King Crypto peaking around mid-September or mid-October 2025.

“The longer Bitcoin consolidates after the halving, the better it will be able to synchronize this current cycle with the traditional halving cycle,” the trader said.

Read also:

“THE ACTIVE INVESTORS’ SECRET WEAPON” Up Your Stock Market Game With The #1 “News & Everything Else” Trading Tool: Benzinga Pro – Click here to start your 14-day free trial now!

Want to get the latest stock analysis from Benzinga?

This article Bitcoin, Ethereum, Dogecoin Crash as Mt.Gox Moves $2.7B to New Wallet: King Crypto’s Drop to $51K Feared by Analysts originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fuente