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Will July 2024 be the Next May 2021? Has the Bear Market Begun? Will BTC Price Collapse Below $50,000?
The crypto markets are bleeding as the rounds of nearly 47,228 BTCs from the Mt. Gox cold wallet have been transferred in preparation for a $9 billion payout. The market participants who were hopeful despite the BTC price dropping below $60,000, now appear to be in panic & fear, blame & frustration, saltiness & hate, and sarcasm & humour. Along with the Mt. Gox terror, the German government has also transferred 1300 BTC to CEX, which holds over 40,000 BTC. Therefore, they are both collectively contributing to the BTC price decline that marked the lows below $53,500. After witnessing the second-largest liquidation in its history, first after the FTX collapse, the market participants may perceive the current situation to be similar to that of May 2021. The crypto markets collapsed in May 2021 following an SNL event hosted by Tesla CEO, Elon Musk which triggered a huge sell-off with DOGE price and later spread across the markets. However, the historical pattern suggests
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