After experiencing a sharp decline below $60,000 last week, Bitcoin ($BTC) continues its sideways movement between $60,000 and $62,000.
Following this sharp decline, market analysts are divided. While demands for a fund for $BTC continues to rise, some analysts say the floor could be around $50,000.
Bitcoin could bottom at $53,000!
One of them is CryptoQuant analyst Julio Moreno. According to Julio Moreno, $BTC could reach around $53,000.
The analyst cited Bitcoin’s current realized price as the basis for this prediction.
The analyst suggested that $BTCThe current realized price is $53,600, noting that historically, significant bear market lows have formed below this level.
However, Moreno noted that a decline in realized price does not guarantee a market bottom and must also be supported by demand conditions, such as ETF spot fund flows.
“The current realized price of Bitcoin is approximately $53,600. Historically, the bottom of major bear markets has formed near or below the realized price.”
The price that occurred is a level that historically confirms a bottom. However, this does not necessarily mean that we will fall to that point or that it will be rock bottom when we get there. But it is a possibility, especially given how weak demand for Bitcoin is.
Moreno said the current price level is close to the possible floor, but more supporting factors are needed to confirm that it is indeed a floor.
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Moreno also added that the intensity of recent selling was not yet sufficient compared to past bear market lows and that total losses over the past month were only $187,000. $BTC.
“Therefore, it will take longer to confirm a bottom unless demand stabilizes and ETF fund flows improve.”
Finally, the analyst said that even though Bitcoin price is close to a potential bottom, a full-fledged bull market requires a recovery in demand, adding: “Until the resumption of ETF fund flows and stabilization of demand are confirmed, it would be appropriate to view the current price level as a potential support line rather than a definitive bottom. »
*This does not constitute investment advice.