CryptoQuant: bitcoin may drop to $ 77,000

CryptoQuant CEO Kee Yong-Joo said that even if bitcoin BTC $82,882.66 Bitcoin -0.87% Market capitalization $1.65 trillion VOL. 24 hours $0.72 billion falls to $ 77,000, the cryptocurrency will remain in the bullish phase of the market. He emphasized that until the price falls below the break-even point for large miners (~$ 57,000), a long-term decline is unlikely.

At the time of writing, Bitcoin is trading in the range of $ 96,800, and the critical support level remains $ 97,877, analyst Ali Martinez said. At the same time, there are three factors that can contribute to the decline in the value of the cryptocurrency: reduced liquidity in the markets, the postponement of the creation of a national BTC reserve in the United States, and technical analysis indicating a possible correction.

Former BitMEX CEO Arthur Hayes admits a temporary drop to $ 70,000−75,000, which may be caused by disappointment in Donald Trump’s policies. Other analysts also predict a possible 30% collapse in the stock market, which could affect Bitcoin ETFs and the crypto market in general.

Nevertheless, Timo Oinonen of CryptoQuant believes that bitcoin has not yet exhausted its growth potential after the 2024 halving. Historically, the fourth quarter brought growth in 2013, 2016, 2017, 2020, 2021, 2023, and 2024, so he expects that after the summer correction, the cryptocurrency may resume its upward trend.