CryptoQuant CEO Ki Young Ju Warns Bitcoin Could Fall to $73,000 if It Drops Below $80,000
JH Kim
Summary
- CryptoQuant CEO Ki Young Ju said Bitcoin (BTC) could fall to $73,000 if its price drops below $80,000, triggering a cascade of long liquidations.
- Ki Young Ju said long liquidations could occur in sequence if Bitcoin falls below $80,000, and that the price could be pushed down to $73,000.
- Bitcoin is currently trading at $80,728.91 on Binance's Tether (USDT) market, up 0.97% from a day earlier.
Forecast Trend Report by Period
Ki Young Ju, chief executive officer of CryptoQuant, warned that Bitcoin could fall to $73,000 if it drops below $80,000, triggering a cascade of long-position liquidations.
Cointelegraph reported on October 27 that Ju sees the risk of sequential long liquidations if Bitcoin falls under $80,000.
In that scenario, Bitcoin could be pushed down to $73,000.
A long liquidation occurs when leveraged bullish positions are forcibly closed as prices fall. When those liquidations happen in succession, they can add further selling pressure.
Bitcoin was trading at $80,728.91 on Binance's Tether (USDT) market as of 5:25 a.m. on October 28, up 0.97% from a day earlier.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.