This analysis comes as Bitcoin remains below $60,000, continuing the bearish September trend. Peak In Bitcoin’s Short-Term Holders Similar To 2019 Structure CryptoQuant contributor Avocado_onchain noted that there had been a "small peak” in Unspent Transaction Outputs (UXTOs) under six months, which resembles a similar structure observed in 2019.
Following his simulation of Bitcoin’s price for this month, CryptoQuant’s Head of Research, Julio Moreno, mentioned that, on average, the flagship crypto could end the month at $55,000. Moreno had earlier mentioned that a drop below $56,000 for Bitcoin puts the crypto at risk of a deeper price correction and entering a prolonged bearish phase. For now, the crypto community hopes that the US Federal Reserve will cut rates at its next FOMC meeting, which is scheduled for September 17 and 18.
However, in the short term, he believes it will be wise for investors to "temper expectations and closely monitor the market.” Meanwhile, although the analyst admitted that there is no clear trigger for a Bitcoin breakout, he noted that the influx of capital from new investors has historically been vital for Bitcoin’s price increases.
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