Bitcoin’s potential to drop to long-term range lows is highlighted in the latest analysis by analyst Cole Garner. He predicts a possible “capitulation” for Bitcoin markets, suggesting that the cryptocurrency may still face challenges despite potential gains from global liquidity trends.
Garner’s assessment is based on current onchain phenomena, indicating a decline in liquidity in the short term, which could impact BTC price performance. He pointed out that “liquidity onchain is tightening,” signaling a potential capitulation in the near future.
Accompanying charts show a decline in global central bank liquidity, with Garner using the Liquid Vision index as a key indicator. The post also references recent policy shifts from China’s central bank and the United States Federal Reserve, which have had an impact on market sentiment.
Despite hopes for a turnaround in BTC/USD before the end of October, some market participants are cautious, with predictions of Bitcoin potentially reaching $135,000 within the next year, provided that crucial support holds.
At the time of writing, Bitcoin traded near $61,000, down 4% month-to-date, according to data from Cointelegraph Markets Pro and TradingView. It’s important to note that this article does not offer investment advice, and readers are encouraged to conduct their own research before making any financial decisions.