The analyst noted that BTC is hanging just above a critical support zone, an area he claimed many traders recognize as the "most important support level” from a volume perspective on Binance. Related Reading: Analyst Says Bitcoin Price Has Entered The Ideal Buy Zone’, Here’s Why His accompanying chart showed that the Bitcoin price could suffer a 60% drop once it loses the former trend line at $75,000.
The CryptoQuant CEO noted that if Realized Cap is growing but Market Cap is stagnant or falling, it means capital is flowing in but prices aren’t rising. Related Reading: Why Buying Bitcoin Now Is Better Than Later As BTC Price Consolidates Within Falling Wedge Ki Young Ju noted that this is a clear bearish signal, and this is what is currently happening.
The analyst provided an in-depth analysis of what this price crash could mean and if it would mark the end of the bull run. How The Bitcoin Price Could Crash By 60% And Drop To $49,000 In a TradingView post, Melika Trader revealed how the Bitcoin price could crash by 60% and drop to $49,000.
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