Blockchain Firm Says Bitcoin Price Might Be Headed For $60,000 – Here’s Why

Quick Summary:

For instance, the 60-day growth in Tether USD’s (USDT) market capitalization has slowed down from $12.6 billion in late April to $3.7 billion as of now —  the slowest growth rate since November 2023.  Naturally, higher stablecoin liquidity is required to kickstart price rallies in the crypto market.  Bitcoin Price At A Glance As of this writing, the Bitcoin price continues to hover around $64,000, with a 1.2% decline in the last 24 hours.

However, the premier cryptocurrency succumbed to the bearish pressure, falling as low as $63,500 on Friday, June 21.   In its analysis, CryptoQuant postulates that the price of Bitcoin is currently beneath the vital $65,800 level, which is the trader’s on-chain realized price.

According to CryptoQuant, every time the Bitcoin price crosses beneath the on-chain realized price, it undergoes an 8-12% correction, which explains the $60,000 price target.

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Article Details

Author / Journalist: Opeyemi Sule

Category: Crypto

Markets: United KingdomOman

Topics: Bitcoin Btc price BTCUSDT Bitcoin price Btc Bitcoin Cryptoquant

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-22 @ 10:30:09 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 436 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21336108

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