Although Bitcoin started July well, it experienced sharp declines due to the sales pressure brought by many events.
While German government sales and Mt.Gox refunds are thought to be effective among these, the answer to the only question is now: How far can the decline in Bitcoin go?
Below 50 Thousand Dollars Not Possible in Bitcoin!
Speaking to Decrypt, Basile Maire, co-founder of the decentralized exchange called D8X and former UBS executive, said that it is unlikely that Bitcoin will fall below $ 50,000.
According to the economist, the short-term outlook for Bitcoin is bearish, but the situation is not overly bad.
Pointing out that at this point, option trading is clustered between $50,000 and $60,000, Maire stated that the clustering here is closer to $60,000 and that a drop below $50,000 is unlikely.
The D8X co-founder stated that very few options traders believe the Bitcoin price will fall below $50,000, based on July options data.
Bitcoin's Fate Depends on Institutional Investors!
Apart from Basile Maire, Justin d'Anethan, senior manager of market maker Keyrock, also evaluated the Bitcoin decline.
“How far BTC can fall will largely depend on whether large institutions and institutional investors continue to sell.
Bitcoin price can be expected to fall between February's consolidation area of $50,000 to $52,000, but we think a drop below $50,000 is unlikely.
“We can see some support for Bitcoin below $50,000.”
*This is not investment advice.