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Bitcoin melts to US$57,000 with selling pressure. BTG analyst sees “good opportunity”.

The world’s largest cryptocurrency is being hurt by considerable selling pressure, but the scenario could still change in the coming months.

The cryptocurrency, bitcoin, reinforced its downward movement this Thursday, the 4th, and is currently operating with a devaluation of 4.3% in the last 24 hours, according to data from the CoinGecko platform . With this, the cryptocurrency is quoted at US$ 57.3 thousand, its lowest price in more than 2 months.

This poor performance of the world’s largest cryptocurrency is affecting the crypto market as a whole, which has accumulated losses of 5.9% in the last 24 hours. Ether , the second largest crypto on the market, has fallen 5.3%, trading at US$ 3,118. And, in the accumulated total of the last seven days, the devaluation of these assets is even greater.

And, During this Thursday’s ” Crypto Morning Call “, Lucas Josa , analyst at Mynt, BTG Pactual’s crypto platform, highlighted that “the market has been suffering a lot in the last 48 hours”, but this significant drop in the last few days also represents an opportunity for investors with a long-term focus.

He, Josa , highlighted that there is a “very strong selling pressure happening from the German government, with hundreds of millions of dollars, and it doesn’t seem like there are any deals being made to buy these bitcoins from the other side.” The country’s authorities have made several transfers in recent days to brokerages, indicating a possible sale of these assets.

Anticipating Possible Price Drops

Therefore, in addition, the analyst pointed out that the start of payments to former clients of the bankrupt brokerage Mt. Gox “also scares” the market, since the exchange needs to pay around US$ 9 billion to investors. As a result, investors have been operating to anticipate possible drops in the price of the cryptocurrency, resulting in this recent drop.

This move “puts the market in an even more delicate situation, and we need to monitor what will happen.” On the other hand, Josa said that the medium and long-term trend for bitcoin and the market as a whole is still bullish, especially due to the improvement in the scenario of interest rate cuts in the United States.

Also, “Good news for those who are watching the market melt down and are looking for a good opportunity is that the probability of a cut at the September meeting has risen again. The S&P is reacting very well to this, as is the dollar,” he commented.

In the case of bitcoin and other cryptocurrencies, the analyst believes that the selling pressure surrounding the cryptocurrency has prevented it from benefiting from this change in outlook at this time. However, the scenario may change depending on the developments of the bitcoin sale and the Federal Reserve’s position on the US interest rate.

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