TechFlow news, eToro analyst Josh Gilbert said the recent sell-off is primarily driven by concerns over Mt. Gox creditors receiving repayments of approximately $8 billion worth of BTC, with prices potentially testing $50,000 in the short term. 10x Research also forecasts bitcoin prices could continue falling to $50,000.
Despite the short-term bearish outlook, Gilbert believes potential Federal Reserve rate cuts in September and December, along with the approval of Ethereum ETFs, could drive a market recovery.
IG Markets analyst Tony Sycamore said if BTC can hold above $55,000, it is expected to retest its high of $73,794.
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