Bitcoin is losing value again, and analysts from CryptoQuant warn that if it does not maintain the level of 100,000 USD, its price could drop to as low as 72,000 USD in the coming weeks. Is this the beginning of a bear market?
CryptoQuant warns: possible drop of BTC to 72,000 USD in 1–2 months.
The key defense level is 100,000 USD – its loss could signify the end of the bull market.
CryptoQuant warns of a drop to 72,000 USD
Analysts from CryptoQuant point out that the current weakening of Bitcoin may be the beginning of a larger correction. If BTC does not stay above 100,000 USD, it may fall to as low as 72,000 USD in the next two months – warns Julio Moreno, head of the company's research department.
Moreno emphasizes that since October 10, there has been a noticeable decline in spot demand, negative flows to ETFs, and weakening investor activity in the USA. The Bull Score Index has dropped to a level of 20, indicating a clear downward trend.
Nevertheless, some experts, like Geoffrey Kendrick from Standard Chartered, believe that bitcoin could remain above 100,000 USD if the positive macroeconomic backdrop is maintained – including interest rate cuts by the Fed and improved US-China trade relations.
Although the BTC price temporarily dropped below a key level, many analysts believe that the bull market is not over yet – especially since US monetary policy is becoming increasingly friendly to cryptocurrencies.
