Blockchain Firm Says Bitcoin Price Might Be Headed For $60,000 – Here’s Why

3 months ago

The Bitcoin price performance implicit the past week failed to bring glory to the crypto market, arsenic the starring cryptocurrency struggled erstwhile again. This inclination was mirrored crossed astir each large-cap assets, galore of which experienced important losses.

Unfortunately, caller terms enactment information suggests that the Bitcoin terms is not harmless yet, arsenic determination is imaginable for further downside implicit the coming days.

Is $60,000 The Next Stop?

In a caller report, blockchain quality steadfast CryptoQuant enactment guardant an absorbing prognosis for the terms of Bitcoin based connected its caller movement. According to the analytics platform, the premier cryptocurrency could beryllium headed for the $60,000 terms people aft losing a important enactment level.

On Tuesday, June 18, the Bitcoin terms fell beneath 65,000 for the archetypal clip successful implicit a month. The terms of BTC didn’t enactment beneath this level for excessively long, arsenic it rapidly climbed backmost to $66,000 by Thursday. However, the premier cryptocurrency succumbed to the bearish pressure, falling arsenic debased arsenic $63,500 connected Friday, June 21.

#Bitcoin is trading beneath the captious enactment level of $65.8K, present beneath $64K.

Falling nether this threshold suggests a imaginable 8%-12% correction toward $60K. pic.twitter.com/hXwUkC13up

— CryptoQuant.com (@cryptoquant_com) June 21, 2024

In its analysis, CryptoQuant postulates that the terms of Bitcoin is presently beneath the captious $65,800 level, which is the trader’s on-chain realized price. This terms indicator tin enactment arsenic a enactment level, signaling an impending diminution if the BTC terms breaks it to the downside.

According to CryptoQuant, each clip the Bitcoin terms crosses beneath the on-chain realized price, it undergoes an 8-12% correction, which explains the $60,000 terms target. Interestingly, the waning on-chain metrics of the marketplace person enactment this bearish projection.

As explained by CryptoQuant, traders’ request for Bitcoin has continued to decline, arsenic the short-term holders are not purchasing BTC but alternatively decreasing their holdings. Meanwhile, the request from ample investors (whales) presently lacks the spot often associated with bullish momentum.

Furthermore, stablecoin liquidity has been connected a dependable decline, putting a strain connected the Bitcoin bull run. For instance, the 60-day maturation successful Tether USD’s (USDT) marketplace capitalization has slowed down from $12.6 cardinal successful precocious April to $3.7 cardinal arsenic of present — the slowest maturation complaint since November 2023.

Naturally, higher stablecoin liquidity is required to kickstart terms rallies successful the crypto market.

Bitcoin Price At A Glance

As of this writing, the Bitcoin price continues to hover astir $64,000, with a 1.2% diminution successful the past 24 hours. In the past 2 weeks, the premier cryptocurrency has decreased successful worth by astir 8%, according to information from CoinGecko.