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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-crashes-10-experts-predict-further-decline-to-57k/">Bitcoin Price Crashes 10%—Experts Predict Further Decline to $57K</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The crypto market took a hit on Friday, mirroring the broader market downturn. The top three US indices tumbled between 1.5% and 2.5%, while <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> plummeted by 4.5%, trading at $61,873 with a market cap of $1.21 trillion. This sharp decline signals a growing sense of caution among investors, who seem hesitant to capitalize on the dip.</p> 
<p>Over the past week, Bitcoin has fallen by 10%, with most of the decline happening in the last four days. Popular crypto trader Stockmoney Lizards predicts that Bitcoin might continue to drop under the current market conditions.</p> 
<h2 class="wp-block-heading" id="h-crucial-price-points-to-watch">Crucial Price Points to Watch</h2> 
<p>Stockmoney Lizards suggests that if Bitcoin closes above $61,800 on a daily or weekly basis, it could signal a short-term reversal and possible price increase.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <br><br>Update: We are now at the level of support and our first short-term target. A daily / weekly close above 61.8k would likely initiate a short term reversal. <br><br>If not, short-term direction is south with a target of 56.8k.<br><br>Note: this is all short-term… We believe in a… <a href="https://t.co/5mQ8YDrA6h">pic.twitter.com/5mQ8YDrA6h</a></p>— Stockmoney Lizards (@StockmoneyL) <a href="https://twitter.com/StockmoneyL/status/1819650910202585391?ref_src=twsrc%5Etfw">August 3, 2024</a>
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<p>However, if Bitcoin fails to close above this level, it may continue to drop, with a target price of $56,800. Traders are closely monitoring these key levels for signs of short-term trends.</p> 
<p>Despite the current fluctuations, Stockmoney Lizards is optimistic about Bitcoin’s long-term prospects. They expect a significant rebound in late third or early fourth quarter of the year. While short-term trends may be unpredictable, the overall market conditions could favor a substantial increase in <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> later in the year.</p> 
<h2 class="wp-block-heading" id="h-etf-outflows-reach-new-highs">ETF Outflows Reach New Highs</h2> 
<p>On Friday, <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> outflows hit $237 million, according to<a href="https://farside.co.uk/?p=997" target="_blank" rel="noreferrer noopener nofollow"> Farside Investors</a>. Fidelity’s FBTC saw the largest outflows at $104 million, followed by Ark Invest’s ARKB with $87.7 million. BlackRock’s IBIT and Grayscale’s BTC were the only funds to record net inflows.</p> 
<p>These large outflows came despite Morgan Stanley’s announcement that qualified clients could now invest in Bitcoin ETFs, highlighting the impact of global economic factors on the market.</p> 
<p>Also Read: <a href="https://coinpedia.org/research-report/bitcoin-and-ethereum-q2-price-movement-analysis-report/" target="_blank" rel="noreferrer noopener">Bitcoin and Ethereum Q2 Price Movement Analysis Report&nbsp;&nbsp;</a></p>

Bitcoin Price Crashes 10%—Experts Predict Further Decline to $57K

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