Blockchain company claims that Bitcoin price could reach $60,000

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Bitcoin’s price performance last week did little to glorify the cryptocurrency market as the leading cryptocurrency struggled once again. This trend was reflected in almost all assets of large-cap companies, many of which suffered significant losses.

Unfortunately, recent price action data suggests that Bitcoin’s price is not yet secure as there is potential for further declines in the coming days.

Is $60,000 the next stop?

In Up-to-date report, blockchain intelligence firm CryptoQuant has made an fascinating Bitcoin price prediction based on its recent movement. According to the analytics platform, the leading cryptocurrency may be heading towards a price of $60,000 after losing a significant level of support.

On Tuesday, June 18, the price of Bitcoin dropped below 65,000 for the first time in over a month. The BTC price didn’t stay below this level for long, as it quickly rose to $66,000 on Thursday. However, the most crucial cryptocurrency succumbed to bear pressure, falling to $63,500 on Friday, June 21.

In its analysis, CryptoQuant postulates that Bitcoin’s price is currently below the key level of $65,800, which is the price realized by the on-chain trader. 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 Bitcoin’s price exceeds the on-chain realized price, it undergoes an 8-12% correction, which explains the $60,000 price target. Interestingly, dwindling indicators in the market leader’s chain confirm this bearish forecast.

As CryptoQuant explained, investor demand for Bitcoin continues to decline as short-term holders are not purchasing BTC but rather reducing their holdings. Meanwhile, demand from huge investors (whales) currently lacks the strength often associated with bullish momentum.

Moreover, stablecoin liquidity continues to decline, hindering Bitcoin’s bull run. For example, Tether USD’s (USDT) 60-day market capitalization growth has slowed from $12.6 billion in tardy April to $3.7 billion today – the slowest growth rate since November 2023.

Naturally, more stablecoin liquidity is required to start price increases in the cryptocurrency market.

Bitcoin price at a glance

As of this writing, Bitcoin’s price is still hovering around $64,000, down 1.2% in the last 24 hours. According to CoinGecko data, the value of the most crucial cryptocurrency has fallen by almost 8% over the last two weeks.

Bitcoin price at $64,121 in the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView


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