Bitcoin to Revisit $60K Lows Before Recovering to $70K

A financial analyst at Bitbanker predicts that Bitcoin will drop to $60K in August before rebounding to $70K. According to Andrey Poroshin, the lack of support from macroeconomic decisions is behind this expected downturn. The Federal Reserve's recent decision to maintain interest rates has failed to sway the market, leaving participants cautious.

Poroshin notes that inflation remains above the target 2% level, adding to the pressure on Bitcoin. He expects prices to retest the $60K level in August before recovering towards $70K.

The analyst cites BitMEX winding down its operations as a catalyst for the upcoming price recovery. The exit of weak hands from the market 'traditionally coincides with the formation of reversal zones and a decrease in short-term pressure on the price.'