Plunge

2024

Bitcoin

when

<p>As Bitcoin oscillates near critical support levels, industry analysts voice concerns about the potential for a significant market correction. Prominent crypto analyst Ali, utilizing the platform X, has highlighted a worrying trend where approximately 5.45 million addresses hold 3.03 million BTC, priced between $64,300 and $70,800.&nbsp;</p>
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   <p lang="en" dir="ltr">Around 5.45 million addresses acquired 3.03 million <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> between $64,300 and $70,800. This forms a significant supply barrier, risking a steep correction for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>. If <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a>'s price continues to drop, these holders may sell to limit losses, intensifying downward pressure. <a href="https://t.co/cBkXXjxHUD" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cBkXXjxHUD</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1804448672647618789?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 22, 2024</a>
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<p>The concentration of <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> holdings creates a substantial supply barrier, which could potentially lead to an aggressive sell-off if any of the larger holders decide that they want to close their positions and take some profits.</p>
<h2 class="wp-block-heading" id="market-indicators-suggest-caution">Market Indicators Suggest Caution</h2>
<p>On top of that, Bitcoin is in rough waters… After more than a 4% drop during last week, latest data show *BTC* is trading at $64,252 which represents an increase of 0.7% in the last 24 hours.</p>
<p>Analysts from CryptoQuant have <a href="https://cryptoquant.com/insights/quicktake/6674f3baa0017a125b20d84d-Guessing-The-Peak-Of-the-Market?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=woominkyu" target="_blank" rel="noopener noreferrer nofollow">brought attention</a> to the “Adjusted Spent Output Profit Ratio” (asopr) which, when paired with a 200-day moving average, helps to gauge the profit realization behavior of Bitcoin investors.</p>
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<p>Source: CryptoQuant</p>
<p>This indicator typically surges above the 1.00 mark during bullish market phases, suggesting that many investors are in profit and may continue to hold their positions expecting further gains.&nbsp;</p>
<p>Conversely, a rise to or beyond 1.08 often presages a market downturn, as historical patterns indicate. Current asopr levels nearing 1.08 could suggest that Bitcoin is teetering on the edge of a similar retracement, necessitating vigilance among traders and investors.</p>

Is a Bitcoin Storm Brewing? Key Indicators Point to Possible Price Plunge

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