Bitcoin continues to worry investors with its declines. As expectations increase that the decline may deepen further, CryptoQuant research manager Julio Moreno announced his BTC expectations.
Applying Metcalfe's law for the Bitcoin price, Moreno said that the final support level for the BTC price is $ 56,000.
Pointing out that while $56,000 was the resistance level for BTC in previous months, it was the support level in May, the analyst said that this level is already critical.
According to the analyst, if this level is broken in Bitcoin, there may be a major correction.
“The final support level of Bitcoin price is $56,000 according to the Metcalfe price valuation bands (red line).
This metric marked resistance/highs in the previous cycle, but acted as support in May.
“If there is a break below this level, a major correction may occur.”
Bitcoin continues to trade at $61,041 at the time of writing.
*This is not investment advice.