Bitcoin’s Outlook Amidst Middle Eastern Tensions

Leading cryptocurrency Bitcoin (BTC) continues to be affected by the conflict between Israel and Iran.

While BTC has been moving within a narrow range in recent days, CryptoQuant stated that the risk of a serious downside for Bitcoin remains significant.

Accordingly, CryptoQuant analysts warned that Bitcoin could drop to $92,000 if demand continues to decline.

As of June 19, CryptoQuant reported that spot Bitcoin ETF inflows had fallen by more than 60% since April.

Additionally, analysts noted a decrease in whale accumulation, which has diminished by half, indicating a bearish trend for BTC.

Data shows that short-term investors sold approximately 800,000 BTC since the end of May.

Consequently, these indicators suggest a decrease in demand for Bitcoin, as CryptoQuant’s demand momentum indicator has dropped to negative 2 million BTC, its lowest level ever.

If demand continues to decline, CryptoQuant warned BTC might fall to $92,000, or even $81,000 if conditions worsen.

*This is not investment advice.