Bitcoin (BTC) is set to have one of its worst weeks in years, dropping as much as 12% before the week is over. That would be on par with its poor performance back in November 2022.

Over the past 24 hours, Bitcoin dropped another 3.94%, accumulating an almost 8% decline for the last seven days. The token is now down to $55,494 (BTC/USD) as a result of the Mt. Gox crypto exchange payouts. The coin is also hurt by many crypto investors bailing out because of the historically low value. The last time we saw Bitcoin dip this low was back in February of this year.

Much of Bitcoin’s gains for 2024 have been wiped out, but that does not mean all of its progress since then has been lost. The coin could get back on its feet in the next few weeks, regaining a price point above $60K as quickly as two weeks from now.

What Can Bitcoin Investors Look Forward to?

Later today, US Non-Farm Employment Change reports will be released. FOMC member Williams will also issue a statement, and the Unemployment Rate report will be released as well.

The expectation is that the Fed’s monetary policy will not change, though interest rate cuts could be hinted at for September. The unemployment rate should stay the same, according to expectations, and non-farm employment change should drop considerably.

Bitcoin is going to need more than some mild economic reports to get the push it needs back up to the $60K level. It may help that a number of ETFs are being approved and prepared to hit the market. New cryptocurrency regulations are being passed in the European Union, and these should help with stability and credibility in the market but could also limit cryptocurrency exchange for a period as they adjust to the new legislation.

We expect at least another week of low numbers for Bitcoin. The investors will likely try to get it to go bullish, but they have to deal with a lot of pushback from the Mt. Gox repayments and the strong devaluation that causes.