CEO of a Leading Analytics Firm: “If the Bitcoin Price Drops Below $60,490, the Bear Market Will Intensify”

Joao Wedson, founder of the cryptocurrency analysis platform Alphractal, pointed to a critical level in the Bitcoin market. According to Wedson, the “realized price” calculated for Binance’s Bitcoin reserves is approximately $60,490. This level represents the average cost of all BTC held by Binance.

Wedson stated that if the Bitcoin price falls below this level, a large portion of Binance’s reserves will move into the loss zone. Recalling a similar situation during the 2022 bear market, the analyst noted that reserves remained in the loss zone for an extended period. However, he added that historically, this level has acted as a strong support point.

According to the analyst, a break below the $60,490 level could have significant consequences not only technically but also in terms of market psychology. One of the world’s largest Bitcoin reserves entering an unrealized loss could increase selling pressure, deepening the bear market. Wedson specifically noted that breaking such structural levels could pave the way for sharper market declines.

*This is not investment advice.