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**CryptoQuant Reveals Bitcoin Will Be US$70 Thousand, If It Breaks the Lowest Level Awaiting**
One analyst at the unnamed CryptoQuant platform wrote that the Bitcoin projection (BTC) will reach US$70 thousand.
This is due to the slowing demand that has caused this asset to decline, and it could even fall further to the level of US$56 thousand.
"Historically, the basis of the Bitcoin bear market aligns with the realized price, currently around US$56 thousand. Intermediate support is estimated around the $70K level," it wrote citing official sources from CryptoQuant.
It is known that the demand from institutions and large investors has been declining since early October. This may be due to the exchange-traded fund (ETF) Bitcoin entering a selling phase.
Furthermore, the ownership amount has also decreased to 24 thousand Bitcoins, in contrast to the accumulation in the fourth quarter of 2024.