Follow the Bitcoin price crash below $60,000The hopes that the BTC would reach an all-time record high in the near future have now been dashed. Over the longer term, however, analysts expect the Bitcoin price to continue rising. Some people believe the Bitcoin price will continue to rise. BTC price CryptoQuant CEO Ki Young is confident that the company will continue to grow and reach new heights. However, there are some caveats.
Bitcoin Must Maintain $45,000
CryptoQuant’s CEO Ki Young posted a message on X, formerly Twitter. revealed Even after the crash, the Bitcoin price remained bullish. It is important to note that the major level for Bitcoin remains the $45,000 mark. This level’s holding will determine whether or not the bullishness persists, and if Bitcoin reaches a new high.
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Reason for $45,000 Caveat miners’ profitability levelsThe current price of bitcoin is $43,000. This is $43,000, which includes all the costs of operating a Bitcoin miner. As long as BTC’s price is above $45,000 miners are in profit.
The initial impact of a price fall below $45,000 is that it will make the buyer feel disadvantaged. the Bitcoin price The cost to mine a BTC is now dangerously near. A further decline would bring it to below $43,000. At that point, it will be unprofitable. mine BTCIt may also affect the hashing rate.
He acknowledges some bearish signals for Bitcoin’s price. He believes, however, that the Bitcoin price could rebound if it can maintain $45,000 without a break for the next 2 weeks. Young then believes that BTC could hit a new high price before the end of 2024.
The first bearish signal since 2023 returns
CryptoQuant’s CEO responded to a post by Julio Moreno who was Head of Research for CryptoQuant. Moreno was quite bearish in the post. identifying The bearish trend was unusual, and had been for more than a year.
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Bull-Bear Market Cycle Indicator may be able to indicate a resurgence of a bearish market. This indicator turned bearish in 2020, according to the researcher. This historical performance suggests that the indicator is bearish. Bitcoin and crypto market The market could still be in for a long-term bear market.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
