eToro analyst: BTC trend will further deteriorate in the next few days, market reversal requires a rising catalyst event

In an interview with Cointelegraph, eToro market analyst Josh Gilbert said that much of the sell-off can be attributed to concerns about Mt. Gox creditor repayments, with about $8 billion worth of BTC flowing into the market starting this month. Bitcoin's price action is expected to worsen further in the coming days. There are far more bearish news than lido at the moment, and the sell-off activity has clearly unnerved investors, which tends to trigger more sell-offs. Prices will be weaker in the short term until the market receives a catalyst to push prices higher, which could come in the form of investor "bargain hunts" or ETH ETF approval to improve market sentiment.