Bitcoin may be at risk of falling to $72,000 within the next one to two months if it cannot maintain support above the $100,000 level, according to onchain analytics firm CryptoQuant.

Weakening demand after major liquidation

Julio Moreno, CryptoQuant’s head of research, explained that demand for bitcoin has continued to decline since the record-breaking liquidation event on October 10, which wiped out over $20 billion in leveraged positions. Moreno stated:

“If the price doesn’t manage to hold the ~$100,000 area and breaks downwards, there are higher risks of targeting $72,000 in a one- to two-month period.”

ETF flows and bearish indicators

Moreno noted that spot demand for bitcoin has contracted, particularly in the U.S., as reflected in negative ETF flows and a negative Coinbase price premium.

The firm’s Bull Score Index currently stands at 20, signaling deeply bearish conditions.

Market sentiment and macro pressures

Earlier in November, bitcoin fell below the $100,000 mark for the first time since June, with the price dropping over 5% in 24 hours.

Broader risk-off sentiment has weighed on digital assets, stocks, and commodities. Gerry O’Shea, head of global market insights at Hashdex, said:

“Recent speculation that the FOMC may pass on another rate cut this year, as well as concerns over tariffs, credit market conditions, and equity market valuations, helped drive markets lower. Bitcoin’s recent price trajectory has also been impacted by selling from long-term holders, an expected phenomenon as the asset matures and its price rises.”

Long-term outlook remains strong

Despite the recent downturn, O’Shea emphasized that structural factors remain positive for bitcoin, including robust ETF flows, corporate adoption, and the development of digital asset infrastructure by traditional financial institutions.