CryptoQuant CEO says Bitcoin could crash by more than 50% as macro environment worsens
The CEO of leading on-chain analytics firm CryptoQuant says one metric is setting off a big warning for Bitcoin (BTC) bulls.
Ki Young Joo told his 292,600 Twitter followers that the historical data shows Bitcoin could drop to $14,000.
At the time of writing, Bitcoin is up 1.99% and is priced at $29,900. A move towards the analyst’s bearish price target suggests a 52% downside risk for BTC.
According to CryptoQuant analyst, Bitcoin investors are likely to be deep underwater lately if the market price turns its worst.
Ki Young Joo then calculates the average entry price for each generation of Bitcoin investors over the past 11 years using the UTXO age band statistic, which tracks the potential price level at which long-term holders deposit BTC. The analyst also recently observed that institutional investors are currently the dominant force in Bitcoin trading.
“Retail investors are leaving the crypto market. Not bad for depositing bitcoin with institutions, but still concerned about total volume, which is significantly lower than last year.”
Next, the CEO of CryptoQuant took a look at the leading smart contract platform Ethereum (ETH). He emphasized that the ETH ecosystem remains strong despite the massive drop in price as interest in new blockchain niches like DeFi, NFTs, decentralized autonomous organizations (DAOs), and play-to-earn (GameFi) remains high.
Ethereum is trading at $1995, up 1.1% over the past 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
Bitcoin
CryptoQuant CEO says Bitcoin could crash by more than 50% as macro environment worsens
The CEO of leading on-chain analytics firm CryptoQuant says one metric is setting off a big warning for Bitcoin (BTC) bulls.
Ki Young Joo told his 292,600 Twitter followers that the historical data shows Bitcoin could drop to $14,000.
At the time of writing, Bitcoin is up 1.99% and is priced at $29,900. A move towards the analyst’s bearish price target suggests a 52% downside risk for BTC.
According to CryptoQuant analyst, Bitcoin investors are likely to be deep underwater lately if the market price turns its worst.
Ki Young Joo then calculates the average entry price for each generation of Bitcoin investors over the past 11 years using the UTXO age band statistic, which tracks the potential price level at which long-term holders deposit BTC. The analyst also recently observed that institutional investors are currently the dominant force in Bitcoin trading.
“Retail investors are leaving the crypto market. Not bad for depositing bitcoin with institutions, but still concerned about total volume, which is significantly lower than last year.”
Next, the CEO of CryptoQuant took a look at the leading smart contract platform Ethereum (ETH). He emphasized that the ETH ecosystem remains strong despite the massive drop in price as interest in new blockchain niches like DeFi, NFTs, decentralized autonomous organizations (DAOs), and play-to-earn (GameFi) remains high.
Ethereum is trading at $1995, up 1.1% over the past 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
Crypto Advisory Council Now A White House Position Attracting Leaders
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
Press Release
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024
