Bitfinex analysts pointed out several reasons suggesting that Bitcoin’s bloodbath should be over soon.
After facing a massive sell-off in June, Bitcoin might have potentially reached a local bottom, according to a new report by analysts from the Bitfinex exchange.
The Bitcoin (BTC) price plummeted below the 120-day range on July 3, dropping to as low as $53,219 amid the increasing fear, uncertainty and doubt related to the start of Mt. Gox’s creditor repayments and other issues.
Bitfinex analysts suggested on July 8 that Bitcoin might have reached a local bottom based on market data over the weekend, even though Mt. Gox is yet to distribute 94,457 BTC — or about 67% of total BTC in repayments collected for creditors.
