After Bitcoin’s collapse to $59,000 due to a Mt. Gox mishap, a potential plummet to the $50,000 mark was reported by cryptocurrency specialist media outlet CoinDesk on the 24th (local time).
CoinDesk’s technical analyst conveyed that Bitcoin could fall as low as $50,000. Markus Thielen, the founder of the cryptocurrency research institute 10x Research, made a prediction based on the chart that Bitcoin’s primary support line could form at $50,000 if not $45,000.
However, he predicts that Bitcoin will rise again in the second half of the year after adjustments as the U.S. Consumer Price Index (CPI) slows down and the upcoming election in November. The election increases the possibility of an interest rate cut. Both candidate camps will likely urge the Federal Reserve to lower interest rates to stimulate the economy. According to CoinMarketCap, Bitcoin is trading at $60,260 as of 8 AM on the 25th (KST), down 5.86% from the past 24 hours.
Bitcoin had collapsed to $58,601 around 6 AM on this day for the first time since it fell below $59,000 on February 28.