Analysis: Bitcoin panic selling may present a rare buying opportunity, with a potential bottom in the $52,000 to $59,000 range
BlockBeats news, on June 9, Bitcoin still faces downside risk, but multiple on-chain indicators are showing accumulation signals in the market. MN Capital founder Michael van de Poppe stated that both the daily and two-week RSI for Bitcoin have hit historic lows, which he considers “the best time to accumulate and buy Bitcoin.” Panic selling may continue, but it could also open up rare buying opportunities.
On-chain data shows that in the past 60 days, wallets holding 1,000 to 10,000 BTC have accumulated 53,042 BTC, the largest increase among all groups. Addresses holding 100 to 1,000 BTC added 12,233 BTC, and those holding 10 to 100 BTC added 1,283 BTC. However, the largest entities holding more than 10,000 BTC reduced their holdings by 39,840 BTC in the same period, while those holding 1 to 10 BTC also decreased their exposure.
Analyst Titan of Crypto noted that Bitcoin’s quarterly fair value gap is between $56,800 and $44,600. Glassnode co-founder Rafael pointed out that if the CVDD indicator repeats its historical pattern, Bitcoin’s potential bottom range may lie between $52,000 and $59,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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