Bitcoin Price Could Drop to $60,000: On-Chain Data Analysis

Recent on-chain data suggests that Bitcoin's price correction might not be over yet, with a potential drop to $60,000 before a trend reversal upwards. CryptoQuant's Head of Research, Julio Moreno, states that Bitcoin's price has fallen below its short-term support levels, based on the crypto's on-chain realized price. Moreno suggests that a further decline to $60,000 is likely. Other analysts, such as Rekt Capital, also support this prediction, noting that Bitcoin's price tends to form clusters of price action near resistance levels, followed by retracements to support levels around $60,600. Willy Woo adds that a significant amount of liquidations in Bitcoin futures bets is needed before a bullish trend can resume. Additionally, Bitcoin miners and long-term whales have been selling off large amounts of BTC, potentially exacerbating the downward pressure. Ki Young Ju, CEO of CryptoQuant, warns that if this sell-side liquidity is not absorbed over-the-counter, it could lead to further downside pressure on the Bitcoin price.