56,000$ was expected, due to the bearish news for July. Those who were attentive to the recent events predicted this potential scenario with success. And it's possible Bitcoin's price still crashes deeper. I just hope it doesn't reach 49,000$ or below.

I believe once the distribution by Mt. Gox happens, the scenario starts improving for Bitcoin once again. There is a lot of fear and pessimism among investors due to Mt. Gox exchange, US and Germany governments dropping large sums of Bitcoin on the market. So we just have to wait for this to happen for that wave of pessimism fade out.

Anyway, why is 38,000$ being mentioned here? There isn't any reasons to conclude a prediction like that yet, since we are still above the 58,000$ price range. Despite the bearish tendency, Bitcoin is maintaining its price inside a stable price zone. 38,000$ looks an unreasonable prediction based on despair and fear after the recent crash from 63,000$ to 56,000$.