Bitcoin’s Price Fluctuations
Bitcoin has seen a recent surge of 1.7%, but analysts at CryptoQuant warn of a possible downturn to $52,000 if key levels are breached.
Derivative Market Uncertainty
CryptoQuant highlights a cautious stance among derivative traders, with declining open interest and funding rates. This indicates traders’ concerns despite the entry of institutional players.
Critical Support Level
If Bitcoin falls below the critical support level of $60,000, it could trigger a correction to $52,000. However, institutional Bitcoin Spot ETFs may mitigate the decline by absorbing excess supply.
Liquidation Concerns
Analyst Ali warns that a drop to $50,500 could trigger over $15 billion in liquidations on Binance alone, potentially leading to further price declines.
Long-Term Outlook
Despite these concerns, some analysts remain optimistic about Bitcoin’s long-term prospects. Crypto analyst Plan B predicts a price increase to over $100,000 this year and $300,000 by 2025, driven by the upcoming Halving event.
