Bitcoin price performance Over the past seven days, the cryptocurrency market failed to impress as its leading currency struggled yet again. The trend was seen across all major assets. Many of them suffered significant losses.
Bitcoin’s price may still fall further in the future, according to recent data.
What’s Next?
It’s a brand new world reportCryptoQuant is a firm that specializes in blockchain analytics. Based on recent Bitcoin price movements, they have made a prognosis. The analytics platform predicts that the price of Bitcoin could reach $60,000 after it lost a major support level.
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The 18th of June is a Tuesday. Bitcoin price fell First time in more than a month, the price of BTC has fallen below 65,000. BTC did not stay below this price for long. It quickly returned to $66,000. But the leading cryptocurrency fell victim to bearish pressure and dropped as low at $63,500 by Friday, 21st June.
#Bitcoin The price is now trading under the crucial support level of $64K.
Under this threshold, there is a possibility of an 8%-12% adjustment to $60K. pic.twitter.com/hXwUkC13up
— CryptoQuant.com (@cryptoquant_com) June 21, 2024
CryptoQuant’s analysis suggests that Bitcoin price is below the crucial $65,800 mark, the on-chain realized value of the trader. The price level can be used as a guideline to indicate a possible decline in the BTC value if it is breached.
CryptoQuant says that every time Bitcoin crosses below the realized on-chain price, the price undergoes a 8-12% correction. This is why the price target of $60,000 was set. The waning metrics on the chain of the leading market player support this bearish forecast.
The explanation is given by CryptoQuantThe traders’ demand has declined, since the holders of short-term BTC aren’t buying BTC anymore, they have been reducing their BTC. While the large investor (whales’) demand is not as strong at the moment, it has been associated with bullish movement.
The bullish run in Bitcoin has also been impacted by the steady decrease of stablecoins’ liquidity. 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.
Stablecoin liquidity must be increased to start the price rally in the cryptomarket.
Bitcoin Price at a Glance
According to this article, Bitcoin price In the last day, it has dropped by 1.2%. Data from CoinGecko shows that the top cryptocurrency’s value has dropped by almost 8% in the past two week.
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Featured image is from iStock and chart comes from TradingView
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Source: www.newsbtc.com
