Glassnode analysts warned that Bitcoin could be priced as low as $53,000, as the market floor has not yet formed. BTC has been trading below break-even levels for five months: the current price (~$64,400) remains below the realized amount ($76,600) and average purchase price of short-term holders (~$72,200). Historically, such a prolonged undervaluation of an asset preceded the formation of a long-term foundation.

Additional pressure is being exerted by the capitalization of long-term holders: the share of their sales in losses rose from 15% in February to 43% in July, with the wave of sales showing no signs of weakening. There are also macro factors influencing BTC’s performance: escalating tensions between the US and Iran have pushed up the price of WTI oil by 7.9%, which has reduced Bitcoin’s weekly growth from 9.4% to 5% and synchronized it with falling S&P 500 and Euro Stoxx 50.

Earlier, CryptoQuant’s head, Ki Young-ju, noted that starting a new bull cycle would require more than $1 trillion of new capital and sustained demand expansion - without large-scale liquidity increases, long-term growth is unlikely.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.