CryptoMediaClub
Monday, October 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Analyst Targets $47k As Bitcoin’s Next Bottom After Mt. Gox Dump

05.07.2024
A A
0
122
VIEWS
ShareShare

As Bitcoin’s price plummets to its lowest level since late February, one on-chain analyst predicts a further 16% drop to $47,000 as the next bottom for the leading cryptocurrency.

When Will Bitcoin Find Its Bottom?

CryptoQuant author Adel Axel Jr. suggested this week that $47,000 represents a 25% discount from the average purchase price of short-term Bitcoin holders. This figure is based on the average price at which all coins were moved within the past thirty days, as visible on the blockchain.

According to LookIntoBitcoin, the short-term holder realized price was $64,614 as of Wednesday.

“This will be a good resistance point and a shakeout for new buyers,” wrote Axel on X on Thursday. “Previous organic corrections in the bull market lasted between 110 to 60 days.”

The $47K level is 25% below the average purchase price for STH – this will be a good resistance point and a shakeout for new buyers.

Previous organic corrections in the bull market lasted between 110 to 60 days. pic.twitter.com/cmMo5B1pcu

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) July 4, 2024

On-chain analysis indicates that this price level often triggers capitulation among new market entrants, who frequently panic sell when their investments turn negative. Axel also highlighted the $46,300 price level – the average entrance price for buyers within the past year.

CryptoQuant data reveals that over $2.3 billion worth of coins moved on-chain on Thursday were last moved this year, while older coins saw a less significant selloff.

As of Friday, Bitcoin is trading at $56,374, reflecting a 20.73% decline over the past month.

An Overdue Pullback

Many analysts believe Bitcoin’s recent pullback was long overdue. This week marks the first time since late 2022 that Bitcoin has retreated more than 20% from its local highs, now down 23.58% from its all-time high of $73,700 in March.

In comparison, Bitcoin experienced multiple pullbacks of over 20% to 30% while continuously breaking new highs in 2017.

In March 2020, the cryptocurrency underwent a 60% correction amid Covid-19 related panic before surging almost 20X over the next 13 months.

reminder, zoom out. prior bull runs had half a dozen -30% draw downs too. we're at about -26% (-27% earlier).

in fact if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern. don't panic, buy the dip. or buy a bit of $CMSTR with… pic.twitter.com/vBOjFN1TOn

— Adam Back (@adam3us) July 5, 2024

The current Bitcoin market is arguably rattled by a new type of panic: on Friday, bankrupt Bitcoin exchange Mt. Gox announced it had begun repaying customers their long-lost Bitcoin, of which 138,985 BTC ($7.52B) still remains.

However, CryptoQuant’s Axel contends that true “panic” has yet to set in, suggesting more volatility ahead.

“In the current situation, 47K doesn’t look as terrible as it did three weeks ago when we were at 70K,” he wrote on Friday. “We need more shakeout, but at a slower pace.”

The post Analyst Targets $47k As Bitcoin’s Next Bottom After Mt. Gox Dump appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

Russian Central Bank to Launch ‘Large-scale Audit of Nation’s Crypto Holdings’
All news

Russian Central Bank to Launch ‘Large-scale Audit of Nation’s Crypto Holdings’

06.10.2025
0

The Russian Central Bank says it will conduct a “large-scale audit” of the entire nation’s crypto holdings and transactions in...

Read moreDetails
US Government Shutdown Crisis: Financial Market Turmoil Intensifies, But Investors Flock to H Mining

US Government Shutdown Crisis: Financial Market Turmoil Intensifies, But Investors Flock to H Mining

06.10.2025
XRP Price Prediction: $3.12 Breakout or New Decline? What’s Next?

XRP Price Prediction: $3.12 Breakout or New Decline? What’s Next?

05.10.2025
Solana Price Prediction: Why Slowing Network Growth Could Limit SOL’s Bullish Potential in the Short Term

Solana Price Prediction: Why Slowing Network Growth Could Limit SOL’s Bullish Potential in the Short Term

05.10.2025
Bitcoin Price Prediction: After ATH, Only $128,000 Stands Between BTC and an Exponential Rise to $160,000

Bitcoin Price Prediction: After ATH, Only $128,000 Stands Between BTC and an Exponential Rise to $160,000

05.10.2025
Load More
Next Post
EBA Extends AML Travel Rule Guidelines to Crypto Service Providers

EBA Extends AML Travel Rule Guidelines to Crypto Service Providers

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Crypto Czar David Sacks Slams Federal Authorities’s Prior Bitcoin Administration

Crypto Czar David Sacks Slams Federal Authorities’s Prior Bitcoin Administration

7 months ago
FBI flags 6 Bitcoin wallets linked to North Korea, urges vigilance in crypto firms

FBI flags 6 Bitcoin wallets linked to North Korea, urges vigilance in crypto firms

2 years ago
Skybridge CEO Anthony Scaramucci Backs Bitcoins as Commodity

Skybridge CEO Anthony Scaramucci Backs Bitcoins as Commodity

2 years ago
Radix and LayerZero Collaborate Offering New Integration For Improved Ecosystem Interoperability and Web3 User Experience

Radix and LayerZero Collaborate Offering New Integration For Improved Ecosystem Interoperability and Web3 User Experience

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Solana Price Prediction: Why Slowing Network Growth Could Limit SOL’s Bullish Potential in the Short Term

Bitcoin Price Prediction: After ATH, Only $128,000 Stands Between BTC and an Exponential Rise to $160,000

XRP Price Prediction: CLS Mining Enables XRP Holders to Seize Market Opportunities

Bitwise Files S-1 for Aptos ETF, CEO Cites ‘Momentum in Aptos Ecosystem’

Bitcoin Hits $125K as Exchange Balances Drop to Six-Year Low

Coinbase Applies for National Trust Charter to Expand Regulated Crypto Services

Trending

Russian Central Bank to Launch ‘Large-scale Audit of Nation’s Crypto Holdings’
All news

Russian Central Bank to Launch ‘Large-scale Audit of Nation’s Crypto Holdings’

06.10.2025
0

The Russian Central Bank says it will conduct a “large-scale audit” of the entire nation’s crypto holdings...

US Government Shutdown Crisis: Financial Market Turmoil Intensifies, But Investors Flock to H Mining

US Government Shutdown Crisis: Financial Market Turmoil Intensifies, But Investors Flock to H Mining

06.10.2025
XRP Price Prediction: $3.12 Breakout or New Decline? What’s Next?

XRP Price Prediction: $3.12 Breakout or New Decline? What’s Next?

05.10.2025
Solana Price Prediction: Why Slowing Network Growth Could Limit SOL’s Bullish Potential in the Short Term

Solana Price Prediction: Why Slowing Network Growth Could Limit SOL’s Bullish Potential in the Short Term

05.10.2025
Bitcoin Price Prediction: After ATH, Only $128,000 Stands Between BTC and an Exponential Rise to $160,000

Bitcoin Price Prediction: After ATH, Only $128,000 Stands Between BTC and an Exponential Rise to $160,000

05.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz