Josh Gilbert, market analyst at eToro, said that much of the recent 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, as there are far more bad news than bullish news at the moment, and the sell-off activity has clearly unnerved investors, which tends to trigger more sell-offs. In the short term, prices will be weaker until there is a catalyst to improve market sentiment and drive prices higher, such as investors' "bargain hunting" and the approval of the Ethereum ETF.
Josh Gilbert also said that investors also have reason to be optimistic about the long-term outlook, expecting the Federal Reserve to cut interest rates in September and possibly again in December to boost prices.
eToro analyst: Market needs catalysts such as Ethereum ETF and September interest rate cut to boost prices
2024-07-05 06:24:40
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