The most well-known cryptocurrency, Bitcoin, has had a rough week as it has fought to get back on track. A lot of big-cap assets have lost a lot of value, which shows that the market as a whole is having trouble. There is new evidence that Bitcoin’s price could drop even more.
There is an interesting guess in a new study from CryptoQuant about how the price of Bitcoin will change in the future. Due to recent changes, the company thinks Bitcoin could be heading toward $60,000. This is because it lost a key support level.
Bitcoin Falls Below Support
BTC’s value fell below $65,000 for the first time in over a month on June 18. It went up for a short time to $66,000 by Thursday, but it went down again to $63,500 on Friday, June 21.
CryptoQuant’s research shows that Bitcoin’s price is below the important $65,800 level, which is the on-chain realized price for traders. This indicator is often used as a level of support, and a break below it could mean that a drop is coming.
CryptoQuant says that Bitcoin’s price normally goes through an 8–12% correction whenever it falls below the on-chain realized price. This means that $60,000 could be a possible goal. On-chain measures that are getting worse back up this negative view. Traders want BTC less because short-term holders are reducing the amount they hold and big investors (whales) are not acting like they usually do, which is a bullish sign.
And the amount of stablecoins that people can buy and sell has been slowly going down. This makes it even harder for BTC to go on a bull run. Like, the market value of Tether USD (USDT) has gone down from $12.6 billion at the end of April to $3.7 billion now. This is the slowest growth rate since November 2023.
The price of Bitcoin has gone down 1.2% in the past 24 hours and is now around $64,000. CoinGecko shows that in the last two weeks, the coin has lost almost 8% of its value.
