The ongoing decline in Bitcoin is causing concern among investors. Analyst Julio Moreno, from CryptoQuant research, shared insights on the potential future of BTC prices. By applying Metcalfe's law, Moreno projected the final support level for Bitcoin to be $56,000.
Moreno highlighted that while $56,000 previously served as a resistance level, it shifted to a support level in May, indicating its critical importance. Breaking below this level could trigger a significant correction in Bitcoin prices.
The analysis emphasized that the Metcalfe price evaluation bands point to $56,000 as a crucial support level for Bitcoin. This level, which acted as resistance in the past, played a supportive role in May.
Currently, Bitcoin is trading at $61,041. However, the potential breach of the $56,000 support level raises concerns about a major correction in the market.
*Disclaimer: This content does not constitute investment advice.
