Bitcoin Could Drop to $50,000 as Billions of Dollars of Supply May Hit the Market

Bitcoin traders are predicting that the largest cryptocurrency could drop to as low as $50,000 in the coming weeks due to billions of dollars worth of selling pressure. The recent prospect of bitcoins from defunct crypto exchange Mt. Gox and the German government hitting exchanges has caused BTC prices to fall over 10% in the past seven days. The market expects most Mt. Gox users to sell their tokens, potentially pushing the price down to the $50,000 level. However, if the selling is lower than anticipated, there may be a bounce back in prices.