What will happen with BTC after the price drop?

On June 1st the BTC price dropped from $10 000 to $8 600 on the crypto exchange BitMEX in just 15 minutes. Just half a day earlier the price had been testing the resistance at $10 500 and Bitcoin Whales had moved significant amounts of BTC to Binance and BitMEX.

Traders now believe the scenario for the BTC price will be bearish pushing the price downwards towards $7 500 or perhaps as far as below $7 000. The question is what happened with all the predictions the price would go up up up up, against $100 000 as predicted by McAfee. Well, it’s still possible, but it looks like we’re first going to see a price drop.

The price may still go up during this year since there’s still a big interest from investment companies and mutual funds. As an example, Bitcoin.com mentions that Grayscale fund buys almost 150% of all the mined Bitcoins since the halving.

Since the halving, the reward for miners have dropped to 6.25 BTC per block mined, at the same time as almost 60% of the BTC wallet addresses remain unmoved in the last year. This means that the new supply of freshly mined Bitcoins is lower than ever, at the same time a lot of wallets may be dormant, forgotten, or abandoned. In other words, the demand may surplus the supply.

What do you think will happen with the price?

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