Blockchain Firm Says Bitcoin Price Might Be Headed For $60,000 – Here’s Why
22 Giugno 2024 - 12:30PM
NEWSBTC
The Bitcoin price performance over the past week failed to bring
glory to the crypto market, as the leading cryptocurrency struggled
once again. This trend was mirrored across almost all large-cap
assets, many of which experienced significant losses.
Unfortunately, recent price action data suggests that the Bitcoin
price is not safe yet, as there is potential for further downside
over the coming days. Is $60,000 The Next Stop? In a new report,
blockchain intelligence firm CryptoQuant put forward an interesting
prognosis for the price of Bitcoin based on its recent movement.
According to the analytics platform, the premier cryptocurrency
could be headed for the $60,000 price mark after losing a
significant support level. Related Reading: Survival of the
Fittest: Here’s How Bitcoin’s Next Rally Hangs on Miner
Capitulation On Tuesday, June 18, the Bitcoin price fell below
65,000 for the first time in over a month. The price of BTC didn’t
stay beneath this level for too long, as it quickly climbed back to
$66,000 by Thursday. However, the premier cryptocurrency succumbed
to the bearish pressure, falling as low as $63,500 on Friday, June
21. In its analysis, CryptoQuant postulates that the
price of Bitcoin is currently beneath the vital $65,800 level,
which is the trader’s on-chain realized price. This price indicator
can act as a support level, signaling an impending decline if the
BTC price breaks it to the downside. According to CryptoQuant,
every time the Bitcoin price crosses beneath the on-chain realized
price, it undergoes an 8-12% correction, which explains the $60,000
price target. Interestingly, the waning on-chain metrics of the
market leader support this bearish projection. As explained by
CryptoQuant, traders’ demand for Bitcoin has continued to decline,
as the short-term holders are not purchasing BTC but rather
decreasing their holdings. Meanwhile, the demand from large
investors (whales) currently lacks the strength often associated
with bullish momentum. Furthermore, stablecoin liquidity has
been on a steady decline, putting a strain on the Bitcoin bull run.
For instance, the 60-day growth in Tether USD’s (USDT) market
capitalization has slowed down from $12.6 billion in late April to
$3.7 billion as of now — the slowest growth rate since
November 2023. Naturally, higher stablecoin liquidity is
required to kickstart price rallies in the crypto market.
Bitcoin Price At A Glance As of this writing, the Bitcoin price
continues to hover around $64,000, with a 1.2% decline in the last
24 hours. In the past two weeks, the premier cryptocurrency has
decreased in value by nearly 8%, according to data from CoinGecko.
Related Reading: Bitcoin Spot ETFs Effect: Bernstein Analysts
Revise BTC Target To $200,000, Here’s When Featured image from
iStock, chart from TradingView
Grafico Azioni Tether USD (COIN:USDTUSD)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Tether USD (COIN:USDTUSD)
Storico
Da Nov 2023 a Nov 2024