The cryptocurrency market experienced a significant downturn, with Bitcoin (BTC) plummeting to $58,402 in just 24 hours. However, experts believe that the market has hit rock bottom and is poised for an upward trend. Despite concerns about potential large-scale sales, investors remain cautious.

According to QCP Capital market experts, the recent drop in BTC price triggered significant liquidations in long positions, indicating a potential trend reversal. The analysts believe that the selling pressure will continue in the short term, but the market will eventually experience relief. They recommend buying dips, especially with the potential launch of an ETH ETF in July.

BTC tested the $58,500 support level, which held, preventing further sales. If the price closes above $64,500, the next targets could be $67,300 and $71,400. However, investors should exercise caution due to on-chain alarms triggered by Germany and MTGOX transfers, which may lead to further sales.

In conclusion, while the cryptocurrency market has experienced a significant dip, experts predict a rebound. Investors should remain cautious and consider buying dips, especially with the potential launch of an ETH ETF in July. With the market expected to experience relief in the short term, investors should be prepared for a potential upward trend.