According to Ki Young Ju, CEO of CryptoQuant, Bitcoin’s (BTC-USD) bull market remains intact, even if prices dip to $77,000. He asserts that a decline of 30% from $110,000 to $77,000 wouldn’t signify the end of the rally, citing historical trends as evidence.
As of 6:43 AM ET, Bitcoin was priced at $96,268.6, marking an increase of $630.6 (+0.66%), as per Investing.com. Despite BTC’s struggles to surpass the $100,000 threshold, Ju maintains a positive outlook. “I don’t think we’ll experience a bear market this year,” he shared on X (formerly Twitter) on February 19.
He elaborated that pullbacks are merely part of the market dynamics. Bitcoin has encountered significant corrections during previous bull cycles before achieving new heights. Even a drop to $77,000 would keep it comfortably above the previous cycle’s all-time highs, underscoring its status as a long-term investment.
Ju also highlighted key support levels that traders are monitoring. Investors in Bitcoin ETFs in the U.S. have an average cost basis of $89,000, which has served as a support level since November. Should Bitcoin dip below this, the next critical level to watch is $59,000, marking the break-even point for Binance traders. Additionally, if Bitcoin prices were to fall to $57,000, miners would start facing losses.
Ju pointed out that past bear markets—such as those in May 2022, March 2020, and November 2018—were triggered when Bitcoin prices fell beneath miners’ cost bases. Currently, however, Bitcoin remains well above these critical thresholds.
This article was first published on GuruFocus.
