Leading cryptocurrency Bitcoin (BTC) continues to be affected by the conflict between Israel and Iran.
While BTC has been moving within a narrow range in recent days, CryptoQuant said that the risk of a very serious downside for Bitcoin continues.
Accordingly, CryptoQuant analysts said that Bitcoin could drop to $92,000 if demand continues to decline.
At this point, CryptoQuant analysts said on June 19 that spot Bitcoin ETF inflows have fallen by more than 60% since April.
Analysts stated that in addition to the decrease in ETF inflows, whale accumulation has also decreased by half, and that this situation indicates a bearish trend for BTC.
According to the data, short-term investors have also sold around 800,000 BTC since the end of May.
As a result, all these indicators suggest that demand for Bitcoin is decreasing, as CryptoQuant’s demand momentum indicator has also dropped to negative 2 million BTC, making it its lowest level ever.
At this point, CryptoQuant warned that if demand continues to fall, BTC could fall to $92,000, or even $81,000 if the situation worsens.
*This is not investment advice.
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