Bitcoin and other major cryptocurrencies experienced a sharp decline during Asian trading hours, wiping out gains from earlier in the week. This drop was attributed in part to concerns surrounding large BTC sales from the defunct Mt. Gox exchange, which is set to distribute assets stolen in a 2014 hack later this month. While the prospect of these sales contributed to bearish sentiment, some traders maintain a long-term bullish outlook, with expectations of a rally to $150,000 after the Mt. Gox distribution is completed. Tom Lee, head of research at Fundstrat Global Advisors, reiterated his prediction of a $150,000 BTC price by the end of 2024, citing factors such as spot ETF demand, the reward halving, and anticipated Federal Reserve interest-rate cuts.
Key Points:
Bitcoin (BTC) and major cryptocurrencies faced significant drops during Asian trading hours.
Concerns over large BTC sales from the defunct Mt. Gox exchange, which is set to distribute stolen assets, contributed to the decline.
U.S.-listed ETFs tracking bitcoin recorded outflows of $13 million, breaking a five-day streak of inflows.
Despite short-term turbulence, some traders maintain a long-term bullish outlook, predicting a rally to $150,000 after the Mt. Gox distribution.
Tom Lee, head of research at Fundstrat Global Advisors, reiterated his prediction of a $150,000 BTC price by the end of 2024, citing factors such as spot ETF demand, the reward halving, and anticipated Federal Reserve interest-rate cuts.
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