Bitcoin’s value has continued its downward trend, falling below the crucial level of $100,000. A leading crypto analyst from CryptoQuant warns that if Bitcoin fails to maintain this support, a significant drop to $72,000 in one to two months is possible. 💰📉
Julio Moreno, research head at CryptoQuant, believes the critical benchmark for Bitcoin is currently around $100,000. According to his analysis, if Bitcoin doesn’t hold this level and continues its decline, it could fall to $72,000 within a short timeframe.
The analyst points to several factors contributing to Bitcoin’s recent downturn, including continued weakening of demand following the October 11 liquidation event, which wiped out billions in leveraged positions. This has resulted in decreased spot demand for Bitcoin and negative trends in investor sentiment, as indicated by declining ETF inflows and a Coinbase premium that turned negative. This bearish trend is reflected in the crypto market’s Bullish Score Index, currently hovering around 20.
*This content should not be considered financial advice.*