According to Ki Young Ju,the CEO of the on-chain analytics firm CryptoQuant, Bitcoin (BTC) has the opportunity to fall to $77,000 without compromising the current bull run.
While Bitcoin worked on the consolidation phases, traders started doubting that the new high will be achieved. In his post on X, Ju stated that ‘ it was too early to assume these changes as a negative sign.’
From my observation on CoinMarketCap data, the price of Bitcoin has recently changed very little earning it the stable price of $96,300.
Bitcoin Remains Resilient Amid Bullish Trends
According to the CEO of CryptoQuant, Ki Young Ju, Bitcoin (BTC) is currently appreciating, even though it is having a difficult time surpassing the $100,000 mark. “A bear market is very unlikely this year,” he said. ”We are still observing the relief phase of the market. Eventually, prices will appreciate, but there is considerable volatility.”
According to Ki, if BTC were to drop 30% from an ATH of $110,000, he would not be shocked. In fact, he explained that a pull back to roughly $77,000 is in line with bull market trends. Additionally, this type of drop would allow Bitcoin to remain above its previous cycle peak while also setting up a strong base for future growth.
Ki marked several of the major cost bases that may behave as support zones. Importantly, the aggregate cost basis of investors in U.S. spot Bitcoin ETF is approximately $89,000 which has been acting as a support level since November.
This limit aligns with the average entry level of newly emerging Bitcoin whales emphasizing its significance in case the market moves downwards.
In the cryptocurrency exchange Binance, the average breakeven price of BTC for the traders is around $59,000.
Ki explained how surpassing the Bitcoin mining breakeven point of $57,000 has historically indicated the beginning of bear markets as seen in May 2022, March 2020, and November 2018.
Bitcoin in 2025: Still Bullish in the Eyes of Analysts
Analysts are optimistic about Bitcoin’s long-term prospects despite expecting short-term price fluctuations.
According to CryptoQuant analyst Timo Oinonen, the current market cycle is “unfinished” since Bitcoin has only increased by approximately 60% from the latest block subsidy halving in April 2024.
Oinonen expects the market will undergo a seasonal “sell in May” phase followed by sideways movement during the summer months. However, he predicts higher prices towards the end of the year, which would be consistent with previous bullish Q4 trends in 2013, 2016, 2017, 2020, and 2023.
“A more severe correction may be several months or even a year away,” Hellyer said. Also supporting the bullish sentiment, business intelligence firm Strategy (formerly MicroStrategy) plans to increase its Bitcoin holdings by raising two billion dollars through 0% senior convertible notes.
The company indicated that the majority of the offering proceeds was intended to purchase additional Bitcoin with a portion reserved for general corporate use.
As was reported earlier, a number of U.S. state pension funds and treasuries held a combined 330 million dollars’ worth of Strategy stock by the end of 2024.
A portion of this was California’s State Teachers Retirement System fund, which, as of February, reported. owning 285785 shares worth around 83 million dollars. 14 submission to the United States Securities and Exchange Commission (SEC).
