Analysts say Bitcoin could sink as low as $50,000 but said strong macro and an entrenched “buy the dip” mentality could see price rebound quickly.
The price of Bitcoin (BTC) crashed as low as $53,600 on Coinbase on July 5, the first time the asset has traded at this price since February this year.
Analysts fear the worst is still yet to come.
Bitcoin has since leveled out to trade at $54,122 at the time of publication, according to TradingView data.