Bitcoin's decline continues to deepen. The collapse that began on Monday evening continues, with the BTC price dropping below $100,000. While there is curiosity about whether Bitcoin's decline will continue, one analyst claimed that if Bitcoin cannot hold $100,000, it could fall to $72,000 within a month or two. Bitcoin's Situation Is Getting Worse, $72,000 Possible! According to The Block, CryptoQuant research head Julio Moreno said that the critical level for Bitcoin is $100,000. According to Moreno, Bitcoin could drop to $72,000 in one to two months if it fails to maintain the $100,000 level. “If Bitcoin fails to hold around $100,000 and breaks down, there is a higher risk of seeing $72,000 in one to two months.” Moreno said Bitcoin's recent declines reflect a continued deterioration in demand following the October 11 liquidation, the largest liquidation in cryptocurrency history, which wiped out more than $20 billion in leveraged positions. At this point, the analyst pointed out that demand has weakened since the record liquidation event on October 11 and that market sentiment has generally been on a downward trend, and that the latest consecutive decline is due to these reasons. “Since the big crash in October, spot demand for Bitcoin has steadily declined. ETF net inflows have decreased and the Coinbase premium has turned negative, suggesting weakening investor demand in the US as well. The crypto market's Bullish Score Index is currently around 20, clearly signaling a bearish period. *This is not investment advice. Continue Reading: Bitcoin Falls Below $100,000, Bad Situation: According to CryptoQuant, Bitcoin Could Reach These Levels!
