"Roadmap to the Bottom": Analyst Highlights Key Bitcoin Indicators

CryptoQuant analyst Burak Keshmec has outlined four critical realized price levels essential for Bitcoin investors to gauge the long-term market trend. He suggests that movements across these levels could signal a deeper price decline for the cryptocurrency.

Keshmec's identified levels include:

• Overall realized price (RP) of Bitcoin at $54,700;
• RP for long-term whales at $41,600;
• RP for new whales at $88,700;
• RP for Binance user deposit addresses at $58,700.

The analyst noted that Bitcoin has been on a downward trend since it dropped below the entry point for new whales, which traditionally marks the beginning of a bearish cycle. He emphasized that he will focus on two crucial support levels from his list.

Keshmec pointed out that historically, when Bitcoin falls below the baseline set by new investors, it tends to test the realized price, with the only remaining support at $58,700. He raised concerns about whether these two significant values will hold as support or if the asset will plunge further.

Additionally, another analyst from CryptoQuant, Ignacio Moreno de Vicente, highlighted that Bitcoin's short-term Sharpe ratio has decreased to a level often seen before price lows occur.