Bitcoin Blips Under $60K – Speculations for ’24 Second Half

Today’s crypto market has witnessed Bitcoin (BTC) trade at worrisome lows. BTC first momentarily tanked below $60,000 to trade at $59,712.55 at 13:36 GMT+3 and later dropped below the $60k mark after a short recovery.

Currently, BTC is worth $59,678.42 on CoinGecko, while the coin trades at $59,736.01 on Binance. The price is a little higher on CoinMarketCap, trading at  $$59,652.24. The last time BTC tested such lows was on June 25th, 2024.

Bitcoin sentiment turns bearish

Today’s market dip can be linked to a sentiment drop in U.S. BTC ETFs. Spot BTC ETFs have witnessed 5 days of systemic inflows. recording $13 million of outflows on Tuesday. 

According to data shared by Lookonchain, whales have begun depositing BTC on Binance. One whale deposited $168 million worth of BTC today.

In addition, Mt. Gox is expected to release BTC holdings back to the clients this July. There are also concerns that the 140,000 BTC deposit into the market will activate selling pressure from affected users.

What to expect from BTC in the rest of 2024

The first half of 2024 has been cemented by the approval of Spot BTC ETFs and their market performance. However, the market has also been marred by legal battles and the sentencing of Changpeng Zhao (CZ) and Sam Bankman-Fried.

Many industry elites remain bullish on Bitcoin. Michael Saylor, the co-founder of MicroStrategy, continues to add Bitcoin to the company’s portfolio. On the other hand, Cathie Wood, CEO of Ark Invest, predicts that Bitcoin prices could reach $3.8 million by 2030. 

Jack Dorsey, Twitter’s co-founder and former CEO( Now X), remains bullish on BTC. In a May interview with Pirate Wires, when asked about the future of BTC, he said, “I don’t know. Over at least a million. I do think it hits that number and goes beyond. But I think the price is only interesting.”

Also Read: Bitcoin ETFs add 526 BTC worth $33M for July markets

One expert, Tom Lee, expects Bitcoin to hit %150,000 by the end of 2024. In an interview with CNBC, Tom Lee says Bitcoin could trade at $150,000 in 2024. Lee banks his bullish remark on Mt. Gox paying $9 billion worth of BTC starting in July up to October. Lee takes a different stance than the rest of the community, adding:

“Bitcoin is probably suffering from the Mt. Gox starting distributions in July. That was a huge overhang for many years. But if I was investing in crypto knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to actually expect a pretty sharp rebound in the second half. So I think $150,000 is still [possible in 2024]…”

The bullish sentiment is high in the community, with many analysts expecting Bitcoin’s price to exceed the glorious $100,000 mark. Despite a few challenges, Bitcoin has repeatedly proved its mettle against market conditions. It reached an all-time high of $73k despite dropping under $15k during the crypto winter of ‘22. With the year 2024 heavily favoring Bitcoin, we expect the predictions of the analysts to prove true. 

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Also Read: Bitcoin open interest high: Short positions fueling the fire?

Disclaimer: This is not an investment advice. Crypto products and NFTs are unregulated and can be highly risky. Please do your own research before investing in any asset.

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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