Analyst fears King cryptocurrency price drop to $51,000

Bitcoin, Ethereum, Dogecoin in Crisis as Mt. Gox Moves $2.7 Billion to New Wallet: Analyst Fears Crypto King’s Decline to $51,000

The cryptocurrency market bled heavily on Thursday as investors shuddered at the movement of billions of Bitcoin (CRYPTO: Bitcoin) before a probable massive sale.

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What happened: Bitcoin Bitcoin’s price has plunged to the $57,000 area, its lowest level since February 28. Since the start of this week, the world’s largest digital asset has fallen 9.5%, nearly 21% below its all-time high set earlier this year.

The second largest cryptocurrency, Ethereum, also fell to its lowest level in six weekserasing all gains made since the hype surrounding spot ETF approvals in mid-May.

Sales were boosted by the movement of 47,228 Bitcoin, worth $2.7 billionby a defunct cryptocurrency exchange Mount Gox from a cold wallet to a new wallet, possibly in anticipation of payments to its creditors.

The crisis triggered the largest wave of liquidations since mid-April, with $541.45 million in futures contracts liquidated in the last 24 hours. Long-term liquidations accounted for $472 million.

Bitcoin’s open interest has dropped by 7% in the last 24 hours. A drop in price, accompanying a drop in open interest, is considered by some analysts as a good sign as they believe that the downtrend will end once all long-term sellers close out their positions.

Trend: 1 in 4 Americans own a share of Bitcoin according to NASDAQ, How many people got started with this free crypto faucet?

The Cryptocurrency Fear and Greed Index flashed a “fear” signal, implying that investors were pessimistic about the market’s outlook. But such conditions also provide buying opportunities for bold buyers.

The Biggest Losers (24 Hours)

The global cryptocurrency market capitalization stands at $2.09 trillion, after falling 6.06% in the last 24 hours.

Stock futures were flat late Thursday. Dow Jones Industrial Average Futures is up 0.08%, as of 9 p.m. EDT. Futures contracts linked to the S&P 500 gained 0.01%, while Nasdaq 100 Futures Contracts slipped 0.03%.

Markets will open on Friday after the July 4 break, with investors now looking ahead to the release of June employment figures.

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See more: Best Cryptocurrency Scanners

Analyst’s Notes: Widely followed cryptocurrency analyst Ali Martinez has sounded the bearish alarm, with further potential declines to follow for Bitcoin.

“A Bitcoin close below $57,000 could spell trouble, with potential support only at $51,000,” Martinez said.

“If BTC can break above this level, the next major target is $78,700,” Martinez explained.

In a positive forecast, a popular analyst Rekt Capital highlighted the possibility of King Crypto reaching its peak around mid-September or mid-October 2025.

“The more Bitcoin consolidates after the halving, the better it will be to synchronize this current cycle with the traditional halving cycle,” the trader estimated.

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This item Bitcoin, Ethereum, Dogecoin in Crisis as Mt. Gox Moves $2.7 Billion to New Wallet: Analyst Fears Crypto King’s Decline to $51,000 originally appeared on Benzinga.com

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