Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Bitcoin Price Could Crash to $62,500 - Here's Why

Cryptodnes2024/06/13 14:37
By:Cryptodnes

Julio Moreno, Head of Research at CryptoQuant, confirmed that there are some visible signs of miners capitulating in the Bitcoin market.

On Monday, they got rid of 1,200 BTC , which was the largest number of BTC sold in a single day since the end of March last year.

These daily trades were done over-the-counter (OTC), meaning that large transactions were processed independently without directly affecting market prices.

The increase in the number of Bitcoin transfers to OTC "counters” suggests that miners may be preparing to sell more Bitcoin tokens, possibly due to fears of a potential price drop or an immediate need for cash. After the recent halving event, many mining companies and individual miners indicated that they could not sustain profitable operations, leading to a potential exit from the industry.

READ MORE:
Bitcoin is significantly undervalued at its current levels, according to a billionaire

BTC Price Potentially Falling To $62,500?

Analyst Willy Wu called for caution as more pressure from sellers could push BTC costs lower. His thoughts on this matter are that if there is another cascade of liquidation of long positions, the price of Bitcoin could eventually fall to $62,500 to clear the open positions in the futures.

Wu argues that this will get rid of open interest in the futures market, which is at the heart of the significant recovery in the price of Bitcoin.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

Ronin: Pixel, Apeiron, and AxieInfinity rank top three in Ronin ecosystem DAU

Cointime2024/07/12 15:58

Compared with 2023, SOL is the currency with the highest purchase growth in the world, with a growth rate of 1650%

Cointime2024/07/12 15:58

zkLink Launches Season 2 of “Aggregation Parade” and Will Offer 30 Million ZKL Rewards

Cointime2024/07/12 15:40

Valkyrie Investments has sold its private trust business to Abra

Cointime2024/07/12 15:40

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
10048.2%
ROI
Total profit $51245.84
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1338.92%
ROI
Total profit $3887.72

Bot copy trading

More
Morgee
Morgee
insight80/150
$17427.36
Total profit
Total subscriber profits $-223.07
GoldenEgg
GoldenEgg
insight149/150
$3416.37
Total profit
Total subscriber profits $-284.87