The Bitfinex report emphasizes that further development of the Bitcoin selling trend could put significant short-term pressure on the rate of the first cryptocurrency. According to experts, this will negatively affect the crypto market in the short and medium term and prolong the recession.
“Long-term Bitcoin holders are selling again. The persistently high level of profit taking by this category of market participants means that Bitcoin’s short-term outlook is vulnerable and the price could fall further, below the $60,000 level,” the report said.
Bitfinex believes that some of the bitcoins returned by the bankrupt MtGox exchange will be sold, which will also put significant pressure on the market, and a potential recovery should not be expected before August 2024. However, Bitfinex also noted positive factors for the industry, in particular, the intensity of bitcoin sales by miners has decreased.
Earlier, experts from the investment company CryptoQuant announced that the Bitcoin rally would resume in the third quarter of 2024. According to analysts, the growth of the first cryptocurrency will be due to a decrease in sales by miners.
Source: Bits
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