eToro Analyst: The market needs catalysts such as Ethereum ETF and September rate cuts to boost prices

eToro market analyst Josh Gilbert stated that the recent majority of sell-offs can be attributed to concerns about the repayment of Mt.Gox creditors, with approximately $8 billion worth of BTC expected to enter the market this month. The price trend of Bitcoin is expected to worsen in the coming days as there are far more bearish news than bullish ones, and selling activities have clearly made investors uneasy, which often triggers more sell-offs. Prices will likely remain weak in the short term until a catalyst emerges that improves market sentiment and drives prices up, such as investors 'buying on dips' or Ethereum ETFs getting approved. Josh Gilbert also said that investors have reason to be optimistic about long-term prospects, looking forward to Fed's interest rate cut in September and possibly another one in December to boost prices.