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

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

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.

#Bitcoin
is
trading
below
the
critical
support
level
of
$65.8K,
now
below
$64K.

Falling
under
this
threshold
suggests
a
potential
8%-12%
correction
toward
$60K.

pic.twitter.com/hXwUkC13up

—
CryptoQuant.com
(@cryptoquant_com)

June
21,
2024

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.