Bitcoin, the largest cryptocurrency by market cap has been experiencing a significant price decline over the past month, dropping by almost 3% according to data from CoinMarketCap. Also, the coin has seen heavy selling pressure from investors and miners alike. Consequently, the BTC price has hovered between the range of $64,258.67 and $69,945.15.
While investors are hoping for a potential price rally, it seems that it might not be likely as several top crypto analysts have revealed that the price might experience further nosedive to the $60,000 mark. This prediction has raised discussions across the crypto community and triggered speculations about the reason behind the price trajectory. Let us look at these predictions in detail.
Bitcoin (BTC) Drop to $60,000 May be Imminent
Several expert crypto analysts have shared their price forecast on X (formerly Twitter), all hinting at the possibility of BTC plummeting to the $6ok zone before shooting upwards. According to the Head of Research at CryptoQuant, Julio Moreno, the price of BTC has dropped below its short-term support zone, citing Bitcoin’s on-chain realized price. As a result, BTC could drop to $60k. Additionally, Moreno pointed out that this is likely to happen because heavy demand for Bitcoin has lost momentum lately, referencing key demands from whales, interest from US investors, and stablecoin liquidity.
#Bitcoin is now below short-term support levels (Trader's On-chain realized price) . It may decline to around $60K.Demand dynamics like trader and large investor buying, stablecoins liquidity and US investor interest lack momentum.Read our latest report in the next post pic.twitter.com/nM0XZrpdHG
— Julio Moreno (@jjcmoreno) June 18, 2024
Rekt Capital, a prominent crypto trader, and analyst, referenced Bitcoin’s price cluster formation near the range high as a possible reason for a possible significant decline. Per his analysis, “when Bitcoin forms clusters of price action near the Range High resistance at ~$71600…” it leads to a further downward trend into lower levels of the range. This results in a cluster of price action close to the range low support zone of around $60,600.
#BTCWhen Bitcoin forms clusters of price action near the Range High resistance at ~$71600…These precede downside into lower levels of the range$BTC #Crypto #Bitcoin pic.twitter.com/q6KtxPIvjS
— Rekt Capital (@rektcapital) June 17, 2024 Willy Woo, a tech founder and Bitcoin analyst with over 1 million followers on X shared his thoughts on the Bitcoin open interest. According to him, there is still a large open interest in paper bets (Futures) on Bitcoin, as evident from the chart he shared on the post. “The solid yellow chart is a z-score oscillator looking at how significant it is locally. We need a solid amount of liquidations still before we get the all-clear for further bullish activity,” Woo said in the post. 
Therefore, several on-chain signs indicate that until we see a strong upward rebound in the price of Bitcoin, there may still be some downtrend in the market. At the time of writing, Bitcoin is changing hands at $65,159, representing a 0.82% decline in the last 24 hours. The trading volume within the recorded time has also dropped by 5.12% to $34.4 billion.
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