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cryptoJul 7, 2026, 12:45 PM

CryptoQuant Analyst Warns Bitcoin Could Drop Below $58,000

Analyst TheChessOnChain from CryptoQuant says a key indicator (NUPL) is approaching levels that preceded market bottoms in past cycles, suggesting Bitcoin may still have room to fall from its current ~$63,000.

BTCUSD

Analyst TheChessOnChain from CryptoQuant has warned that Bitcoin could drop below $58,000, citing the NUPL (Net Unrealized Profit/Loss) indicator. According to the analyst, NUPL is approaching levels that in previous cycles preceded the formation of market bottoms.

The analyst noted that similar NUPL readings occurred at the end of 2011 (around $2), in January 2015 ($182), in December 2018 ($3,206), and in November 2022 during the FTX collapse ($15,792). Currently, with Bitcoin trading near $63,000, the indicator stands at approximately 0.215 and continues to decline.

If the historical pattern repeats, the asset still has room for further downside. However, the analyst emphasized that this is a historical pattern, not a guaranteed scenario.

Source: ForkLog