Follow the Bitcoin price crash below $60,000I think that hopes of a BTC price reaching a new high are now shattered, at least in the short term. Analysts still believe that Bitcoin will continue to rise in price over time. Some people believe the Bitcoin price will continue to rise. BTC price CryptoQuant’s CEO Ki Young will reach new highs, but this rally is not without its caveat.
Bitcoin price must hold $45,000
CryptoQuant CEO Ki Young has posted a post on X (formerly Twitter). revealed The Bitcoin price is still bullish, even though the recent crash. But the key level to watch is $45,000, because holding that level will decide whether Bitcoin continues its bearish trend or makes a new record high.
Related Reading
Reason for $45,000 Caveat miners’ profitability levelsThis is currently $43,000. The $43,000 represents the total cost of mining a Bitcoin, including all operating costs. As long as BTC is above $45,000 the miners are in profit.
A price drop below $45,000 will put initial pressure on the market. the Bitcoin price The cost to mine a BTC is now dangerously near. It could fall below $43,000, and miners would lose money. mine BTCIt may also affect the hashing rate.
Although some signs are bearish, the CEO is still optimistic about Bitcoin. He believes, however, that the Bitcoin price will remain at $45,000 if it can maintain this level. next A rebound may be on the way in two weeks. Young thinks that BTC could hit a new high price before the end of 2024.
The first bearish signal since 2023 returns
CryptoQuant’s CEO, Julio Moreno was the author of the X-post that the CryptoQuant Head Research was replying to. Moreno’s post was rather pessimistic. identifying A peculiar bearish sign that had not occurred in over a year.
Related Reading
Bull-Bear Market Cycle Indicator may be able to indicate a return in the bear markets. This indicator turned bearish in 2020, according to the researcher. According to this historic performance, Bitcoin and crypto market Could be preparing for another extended bear-market, which means that the market’s decline is still far from being over.
Featured image was created using Dall.E chart, from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com