Bitcoin price analysis: Why $74,500 matters

New Delhi: Bitcoin could face a deeper correction towards $74,500 if its recent decline continues, according to an analysis by cryptocurrency analytics platform CryptoQuant. The estimate follows a retreat from an October 5 high of $87,027 to $80,404 on October 9, bringing the cryptocurrency’s latest pullback close to the average correction recorded during previous bull-market cycles.

The analysis, published by CryptoQuant contributor MAC_D on October 9, examines historical Bitcoin price movements to estimate how far the cryptocurrency could fall during a broader upward market trend. The $74,500 figure is a potential downside reference based on historical data, not a confirmed price target or a prediction that Bitcoin will necessarily reach that level.

The latest decline has renewed attention on Bitcoin’s ability to maintain its recovery amid volatile market conditions. Although the cryptocurrency has experienced substantial advances during previous bull markets, historical data shows that sharp corrections can occur even when the broader trend remains positive.

How CryptoQuant calculated the $74,500 level

According to the analysis, Bitcoin fell from $87,027 on October 5 to $80,404 on October 9. The decline amounted to $6,623, or approximately 7.61%.