Bitcoin is about to remain below $80,000 for a long time

On-chain data shows that there are 6 million coins above $80,000, roughly worth $600 billion

Given the current global capital sentiment, it’s impossible to have a hundred-billion-dollar level of funds to absorb the market, and there needs to be hundreds of billions of dollars flowing in each month to reach new highs

Moreover, $70,000/$80,000 is a blank zone in the chip distribution, while $75,000 was the low point of the mid-year shakeout and the starting point of the secondary rally. Theoretically, this should be a dense area of chips

This indicates that since the mid-year secondary surge until now, the incoming funds have absorbed several million chips

As a result, the weekly chart has been showing divergence for half a year, and there are 8 consecutive weekly declines

Clearly, this is strong institutional capital and long-term dormant chips engaging in long-term coordinated selling behavior

So, it’s obvious that all parties have found a sucker to take the bait, and it’s unlikely they will release immediately

A shakeout is needed, and chips need to be bought back. How to shake out the market? Chips are distributed around $90,000. A drop to $60,000 is only about a 40% decline. For crypto enthusiasts, it seems somewhat insignificant

Therefore, it can only be that if the price drops below $50,000, with at least a 50% average decline and then long-term sideways consolidation, it would be more interesting

The previous script probability has increased