CryptoQuant says bitcoin could drop to $72,000 by year’s end if $100,000 level doesn’t hold
CryptoQuant warns Bitcoin could fall to $72,000 within two months if it fails to sustain the $100,000 support level.Summary
Onchain analytics firm CryptoQuant suggests that Bitcoin risks sliding to $72,000 over the next one to two months if it cannot maintain the approximately $100,000 price level. This warning follows a recent drop where Bitcoin fell below $100,000 for the first time since June, with other top cryptocurrencies also declining. CryptoQuant's head of research, Julio Moreno, attributes the decline to contracting spot demand since the massive Oct. 10 liquidation event, noting negative U.S. ETF flows and a negative Coinbase price premium, placing the market in bearish conditions.
While acknowledging the psychological importance of the $100,000 mark, Hashdex's Gerry O’Shea stated that this move does not undermine Bitcoin's long-term investment case. He pointed to strong structural factors, including continued ETF flows and corporate adoption, as well as potential liquidity increases as the Fed ends quantitative tightening, suggesting BTC could still reach a new all-time high in the coming months.
(Source：The Block)