CryptoQuant Analyst Issues Critical Warning Failure to Sustain Current Level Could Trigger Significant Bitcoin Correction

Critical Alert from CryptoQuant Analyst! “Bitcoin Faces Major Correction If Unable to Sustain This Level”
CryptoQuant analyst Julio Moreno has issued a critical warning, stating that if Bitcoin fails to maintain the $56,000 level, a major correction may be on the horizon.
Bitcoin’s recent decline has left investors concerned about the potential for further losses. In light of this, Julio Moreno, a research manager at CryptoQuant, has shared his expectations for BTC.
Applying Metcalfe’s law to Bitcoin’s price, Moreno has identified $56,000 as the final support level for the cryptocurrency. He emphasized that while this figure served as resistance in previous months, it acted as a support level in May, making it a critical threshold.
According to Moreno, a break below this level could trigger a significant correction in Bitcoin’s price. He stated, “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.”
As of the time of writing, Bitcoin is trading at $61,041. It’s important to note that this analysis is not intended as investment advice. For those interested in investing in over 300 cryptocurrencies, registration with Binance exchange offers a 20% commission discount.
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