Bitcoin Slides Below $60,000 as Analyst Predicts Price Drop to $40,000

Bitcoin's worst month since June 2022 has left investors reeling as the cryptocurrency slid below $60,000 on Tuesday. This marks a dismal first half of the year for Bitcoin, with a 33% year-to-date decline compared to the broader S&P 500's gain of over 9%. The token is set to end June down more than 20%, with its circulating supply pushed into loss-making territory.

Analysts have noted that this downturn has unfolded without major bankruptcies, a pattern seen in previous crypto bear markets. However, concerns about the possibility of a Federal Reserve rate hike and dwindling liquidity have exacerbated the decline.

David Grider of Finality Capital Partners believes Bitcoin hasn't seen its bottom yet, predicting it won't until September or October. He also forecasts prices could drop to $40,000 or $45,000.