Bitcoin’s recent tranquility might just be the calm before the storm, as CryptoQuant raises alarms over a potential drop to $92,000 or even $81,000. The warning comes amidst a broader debate among analysts about the implications of current market conditions. While some see a consolidating strength, others sense an impending shake-up.
Diverging Analyst Opinions
CryptoQuant’s latest report, released on June 19, paints a rather stark picture. They’re cautioning that Bitcoin could soon test its $92,000 support level, with the possibility of tumbling further to $81,000 if demand continues to falter. Despite spot demand showing some growth, it’s significantly below trend. ETF flows have plummeted by over 60% since April, and whale accumulation has halved—factors contributing to this bearish outlook. To add to the concern, CryptoQuant’s demand momentum indicator, a measure of buying strength, has hit a record low of negative 2 million BTC. As explored in Bitcoin price prepares for volatility as spot supply vanishes, the dwindling spot supply could further exacerbate the situation.
Not everyone sees a storm brewing, though. Glassnode, in its weekly on-chain update, offers a more optimistic view. They acknowledge a “quiet” Bitcoin blockchain—fewer transactions, low fees, and subdued miner revenue—but suggest this quietude may signal maturation rather than weakness. On-chain settlement volume remains robust, albeit centered around large-value transfers, pointing to increased institutional and whale activity. The derivatives market, now overshadowing on-chain transactions, has fostered a more sophisticated market environment, characterized by enhanced hedging and collateral practices.
Flowdesk, a market maker based in France, offers a middle ground. Their June 19 update describes the market as “coiled,” poised for a directional breakout that might not be downward. They highlight growing interest in tokenized assets and stablecoins, noting a 56% surge in XAUT volume. It’s a market that’s holding its breath—waiting for the next move. Bitcoin Price Volatility Signal Goes Off – Is a Surge Ahead? provides further insights into the potential for significant market movements.
Institutional Activity vs. Retail Retreat
The current landscape is defined by a tug-of-war between bullish institutional activities and dwindling retail demand. While retail investors have scaled back—shedding about 800,000 BTC since late May—institutions continue to shape the market. This dichotomy could lead to significant price swings, with the outcome of this struggle likely to set the course for Bitcoin’s next chapter.
Adding another layer to the intricate market dynamics, Polymarket bettors remain divided, with nearly equal odds of Bitcoin dropping to $90,000 or climbing to $115,000-$120,000 in June. This uncertainty underscores the unpredictability that currently governs the crypto sphere.
Broader Market Movements
Elsewhere, the cryptocurrency market presents a mixed bag. Bitcoin’s price is hovering just below $105,000, facing repeated resistance at $105,150. Despite strong ETF inflows, short-term bearish momentum and macroeconomic volatility are keeping the bulls at bay. Ethereum, meanwhile, found support at $2,490 after a high-volume selloff, with its price consolidating amid geopolitical tensions.
Gold prices remained steady near $3,366, balancing geopolitical concerns with the Federal Reserve’s hawkish stance. In Japan, the Nikkei 225 edged up 0.24% as Asia-Pacific markets largely rose ahead of China’s loan prime rate decision.
Looking Ahead
As the market navigates these choppy waters, the role of institutional investors and the potential for large-scale price shifts loom large. Will Bitcoin find a stable footing, or are we on the cusp of significant turbulence? With unclear maps guiding analysts and traders alike, the next few weeks could prove pivotal.
The crypto market remains a complex ecosystem, where evolving narratives around institutional participation, retail involvement, and macroeconomic factors will dictate the path forward. For now, all eyes are on Bitcoin, poised at a potential inflection point, with ramifications that could ripple across the entire digital asset landscape.
Source
This article is based on: Asia Morning Briefing: CryptoQuant Warns of $92K BTC Drop as Analyst Views Diverge
Further Reading
Deepen your understanding with these related articles:
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- BTC ATH Within Reach: Glassnode Maps Support, Warns of Underpriced Volatility
- Bitcoin Needs to Hold Critical Threshold for Analyst’s ‘More Room to Run’ Scenario
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
