CryptoQuant allows the possibility of the BTC rate to drop to $51 000
The company drew attention to the decrease in the volume of capital inflows into BTC ETFs
26.03.2024 - 15:01
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The material is not an investment recommendation and is published for informational purposes only.
What’s new? The head of the analytics company CryptoQuant Ki Young Ju noted the slowdown of capital inflows into spot exchange-traded funds (ETFs) based on bitcoin, which may indicate that more sellers of the asset appear on the market. According to the expert, the rate of the first cryptocurrency may fall to “a max pain” range, and only then the bull market can continue.
What else is known? In trading, the maximum pain price is the mark that will bring losses to the maximum number of traders at the expiration of options.
Citing historical data on bitcoin’s price movement, Young Ju says the correction could continue to the $51 000 mark. He noted that new large holders, mostly bitcoin ETF investors, entered the market when the asset’s price was at $56 000.
The correction in bull markets leads to a 30% drawdown, and “a max pai” will be $51 000. At the same time, the expert admits that demand can recover when the asset approaches the critical support level.
In addition, CryptoQuant data shows that short-term holders are actively fixing profits, with such large-scale sales having not been observed since May 2019. In addition to this, mining companies have also moved to aggressive selling as the BTC exchange rate rises.
Earlier, Galaxy Digital’s senior executive Jason Urban allowed the possibility of the BTC rate to rise to $150 000 after a recent pullback.
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