Forecast Trend Report by Period
Bitcoin briefly fell below $61,000, with some market watchers saying the cryptocurrency could slide to as low as $55,000 in the current downturn.
According to CoinMarketCap data on June 24, Bitcoin dropped below $61,000 at one point during the day. As of 11:29 p.m., it was trading near $61,100, down about 2% from a day earlier.
Some analysts say Bitcoin has yet to bottom. In a report cited by CoinDesk on June 24, 10x Research founder Markus Thielen wrote that the recent strength in the US dollar is adding downward pressure on Bitcoin and that the token could form this cycle's low near $55,000.
He expects Bitcoin to bottom between August and October. CoinDesk said Bitcoin has historically weakened in September before rebounding in October, adding that the US midterm elections in November and the Treasury's quarterly refinancing plan could also influence the market.
