Bitcoin Price Could Crash to $62,500 - Here's Why
Julio Moreno, Head of Research at CryptoQuant, confirmed that there are some visible signs of miners capitulating in the Bitcoin market.
On Monday, they got rid of 1,200 BTC , which was the largest number of BTC sold in a single day since the end of March last year.
These daily trades were done over-the-counter (OTC), meaning that large transactions were processed independently without directly affecting market prices.
The increase in the number of Bitcoin transfers to OTC "counters” suggests that miners may be preparing to sell more Bitcoin tokens, possibly due to fears of a potential price drop or an immediate need for cash. After the recent halving event, many mining companies and individual miners indicated that they could not sustain profitable operations, leading to a potential exit from the industry.
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Bitcoin is significantly undervalued at its current levels, according to a billionaireBTC Price Potentially Falling To $62,500?
Analyst Willy Wu called for caution as more pressure from sellers could push BTC costs lower. His thoughts on this matter are that if there is another cascade of liquidation of long positions, the price of Bitcoin could eventually fall to $62,500 to clear the open positions in the futures.
Wu argues that this will get rid of open interest in the futures market, which is at the heart of the significant recovery in the price of Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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