CryptoQuant’s CEO has identified a potential floor for Bitcoin’s current decline, suggesting a short-term correction to $47,000 could be in store. Despite recent sell-offs pushing Bitcoin below $54,000, the CEO remains optimistic about the cryptocurrency’s long-term bullish cycle. The resurgence of Mt. Gox wallets moving assets has heightened market concerns, prompting the question of where Bitcoin’s decline will stabilize. The CEO emphasized that while a correction to $47,000 is plausible, he advises holding positions until early or mid next year for spot investments, cautioning against leveraging futures at current levels. As Bitcoin trades at $54,551, the CEO’s insights underscore the ongoing volatility and strategic considerations amid market fluctuations. For the latest updates and analytics, follow our Telegram and Twitter accounts.
