Article Title: Analysts Share Their Expectations on When the Declines in Bitcoin and Altcoins Will End
Bitcoin (BTC) and altcoins continue to decline, with concerns over distribution and ETF outflows impacting the market.
Bitcoin (BTC) has fallen below $61,000, while other major cryptocurrencies have also experienced losses.
The decline in prices coincided with net outflows of $13 million from U.S.-listed Bitcoin ETFs, ending a five-day streak of inflows.
Bitcoin dropped from $62,000 to $60,900, with other cryptocurrencies like Ethereum (ETH), Solana’s SOL, and Dogecoin (DOGE) also seeing losses of up to 3%.
XRP remained relatively stable, while Cardano’s ADA gave back some of its gains from Tuesday’s rally.
The decline in cryptocurrency prices is attributed to the net outflows from U.S.-listed Bitcoin ETFs.
Analysts suggest that the defunct Mt. Gox exchange’s distributions may have contributed to the bearish trend.
Mt. Gox is expected to release up to 140,000 BTC this week, adding further pressure to the market.
Despite the short-term decline, some investors remain optimistic about the long-term prospects of Bitcoin.
Tom Lee, director of research at Fundstrat Global Advisors, predicts that BTC could reach $150,000 once the distribution is completed.
Lee cites factors like spot ETF demand, the upcoming bitcoin reward halving, and expected interest rate cuts as reasons for his bullish prediction.
Please note that this article does not provide investment advice.
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