Bitcoin Could Drop to $52,000, Analysts Warn

IconCryptoNewsTerminal Staff12 Jul, 2024

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Bitcoin Could Drop to $52,000, Analysts Warn

Bitcoin's price could drop to $52,000 in the coming weeks, according to analysts at CryptoPotato. The analysts point to a number of factors that suggest Bitcoin is in a bear market, including the fact that it has broken below its 200-day moving average. They also note that miner reserves have been declining rapidly, suggesting that miners are currently selling more BTC than they are mining. These bearish factors suggest that Bitcoin's price could continue to fall in the near term.

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