Bitcoin (BTC) is facing increasing criticism as investors are looking for signs that the market has run out of stock.
Some have suggested that the worst could already lie behind us, but on-chain analyst Jamescheck argues that the true surrender event is still ahead and that prices could drop to $65,000.
A check, who shared his opinion on the TFTC podcast, described the $65,000 level as “real market average,” and said it represents the average cost base of active investors in the space. He believes that this drop to this level could cause significant market pressure, and investors who have held Bitcoin for years will be in the pain of unrealized losses.
This expected price drop is closely in line with the strategy of prominent Bitcoin advocate Michael Saylor, with Michael Saylor taking on a cost of around $67,500. Saylor’s investment philosophy emphasizes long-term retention, so moving to the area could create more volatility.
Beyond the $65,000 zone, Check also notes a strong support range of around $49,000 to $50,000. The zone responds to the launch of the Bitcoin Exchange Fund (ETF) in 2024 and proposes a BTC’s $1 trillion market capitalization. Unless there is a global recession, checks are unlikely to fall to $40,000.
It also highlighted Check, highlighting the 2024 “copper curing” period, when Bitcoin traded over a wide range between $50,000 and $70,000 over a long period. According to him, this integration phase could form a strong support base for cryptocurrency to move forward.
Although the check expects to fall from the $65,000 level, he believes there will be a significant level of support in the market to prevent serious price collapse unless larger economic factors intervene.
*This is not investment advice.
