Analysts: bitcoin could fall to $50,000 or even lower

This, according to 10x Research founder and CEO Markus Thielen, could accelerate the asset's potential drop to $50,000 or even lower. This is the opinion he expressed in a letter to investors.

The decline could accelerate as support is passed and sellers need liquidity," Thielen wrote.

The analyst also noted the poor seasonality of the third quarter, with August and September historically seeing negative returns.

Another analyst co-founder of hedge fund Digital Asset Capital Management Richard Galvin pointed to the political aspect that could lead to a further drop in bitcoin.

There is a possibility that Biden will be replaced by a stronger Democratic candidate who will not be a supporter of cryptocurrencies," he said.

Galvin also reminded of the danger of an oversupply of bitcoin, which could arise after payments to creditors of the Mt.Gox exchange.

Crypto investor Andrew Kahn predicted an even bigger drop in the leading asset, saying its initial estimate of $50,000 "was too conservative, and now we may see a steeper drop to $40,000."

Kahn expects that after months of declines, a trend reversal to the upside will be possible.

Alex Kupcikevich, senior market analyst at FxPro, noted that the BTC price touched the lower boundary of the descending channel and fell below the 200-day moving average. He agreed with the bearish forecasts of his colleagues predicting further decline.