Bitcoin
What’s Next for Bitcoin (BTC) Prices? Traders Target $50,000 as Billions in Selling Pressure Loom
Bitcoin (BTC) Traders expect prices to fall as low as $50,000, a level not seen since mid-February, in the coming weeks as the largest cryptocurrency by market cap could face billions of dollars in selling pressure.
BTC prices have fallen by more than 10% in the past seven days, CoinGecko data shows, falling below a critical technical indicator on Thursday and erasing all gains since late February.
Trading firms like QCP Capital have attributed the bearish sentiment for wallet activity from a German government entity and the now-defunct cryptocurrency exchange Mt. Gox, and some market analysts say there is more pain ahead.
“Bitcoin’s selling pressure is unlikely to ease in the coming days,” Rachel Lin, founder of on-chain cryptocurrency exchange SynFutures, said in an interview. “The German government still has over $2.3 billion in Bitcoin, Mt. Gox has over $8 billion and the U.S. government has over $12 billion.”
“The market expects most Mt. Gox users to dump their tokens, but we could see a recovery if the sell-off is smaller than anticipated. On the other hand, if there is enough selling to push the price lower, we could be looking at the $50,000 level soon,” she said.
Alex Kuptsikevich, senior market analyst at FxPro, echoed the sentiment in an email to CoinDesk: “Bitcoin has fallen below the 200-day moving average and has so far failed to recover above it, trying to stay within established patterns.
“From the current position, a further decline to $51,000 (the February consolidation area) is more likely than the same amount of growth to $65,000,” Kuptsikevich added. Moving averages are a measure of an asset’s closing prices over a period of time that can help identify a trading opportunity.
Additionally, a wallet connected to Germany’s Federal Criminal Police Office (BKA) has moved millions of dollars worth of bitcoin to cryptocurrency exchanges since mid-June. Traders say these movements imply an intent to sell the assets that were seized in 2013 from a piracy marketplace.
Meanwhile, BTC prices appeared to briefly recover mid-morning in Europe, rising to nearly $55,000 from a low of $53,600 in the early Asian hours. The sudden drop caused over $550 million in crypto longs, or bets on higher prices, to be put on the market. to be liquidated in the last 24 hours.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
Bitcoin soars above $63,000 as money flows into new US investment products
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
FRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
Zodialtd.com to revolutionize derivatives trading with WEB3 technology
Bitcoin Fails to Recover from Dovish FOMC Meeting: Why?
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
-
News6 months agoBitcoin soars above $63,000 as money flows into new US investment products
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
News6 months agoFRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
-
DeFi6 months agoZodialtd.com to revolutionize derivatives trading with WEB3 technology
-
Markets6 months agoBitcoin Fails to Recover from Dovish FOMC Meeting: Why?
-
DeFi8 months ago👀 Lido prepares its response to the recovery boom
-
DeFi8 months agoPancakeSwap integrates Zyfi for transparent, gas-free DeFi
-
Videos8 months agoBlackRock and Wall Street ready to take Bitcoin directly to $200,000 – Anthony Scaramucci
-
Videos8 months agoThis is the exact and unique time to sell your crypto asset – Raoul Pal
-
DeFi8 months ago
🏴☠️ Pump.Fun operated by Insider Exploit
-
Videos8 months ago“BlackRock HAS UNLEASHED a massive multi-trillion monster” – Lyn Alden and Eric Balchunas
-
Videos8 months agoONLY 2 WEEKS LEFT! Cryptocurrency Prices Are About to Go Crazy – Raoul Pal