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CryptoQuant Analyst Issues Dire Warning! “Bitcoin Could Face Major Correction If It Fails to Sustain This Level”
CryptoQuant’s research manager Julio Moreno has sounded the alarm, predicting a potential major correction in Bitcoin if it falls below the $56,000 mark.
Author:
Elif Azra Güven
25.06.2024 – 16:03
Update:
17 mins ago
0
Bitcoin’s recent decline has raised concerns among investors. As fears grow that the decline could worsen, CryptoQuant’s research manager Julio Moreno has shared his predictions for BTC.
Using Metcalfe’s law to analyze Bitcoin’s price, Moreno emphasized that $56,000 is the critical support level for BTC.
Highlighting that $56,000 served as resistance for BTC in previous months and turned into a support level in May, the analyst stressed the significance of this level.
According to Moreno, a break below this level could trigger a major correction in Bitcoin.
“The final support level for the Bitcoin price is $56,000 based on the Metcalfe price valuation bands (red line). This metric acted as resistance/highs in the previous cycle, but functioned as support in May. If there is a breach below this level, a major correction may occur.”
At the time of writing, Bitcoin is trading at $61,041.
*This does not constitute investment advice.
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