According to CryptoQuant CEO Ki Young Ju, if Bitcoin’s price stays above $45,000, it could surpass its all-time high within a year.
Bitcoin (BTC) rebounded from a tumultuous weekend, and optimism remains in the crypto market despite some bearish indicators in the financial markets.
On Aug. 5, global financial markets experienced declines as Japan’s benchmark index plummeted over 12%, while the Dow Jones and Nasdaq also saw substantial drops. Tech giants collectively lost $650 billion in market cap. The crypto market was also affected as Bitcoin dropped below $50,000, hitting $49,578.
Young Ju warned on X that the crypto market remains vulnerable. If Bitcoin stays at its current levels for a week or two, recovery seems likely, but prolonged stagnation could signal the onset of a bear market.
— Ki Young Ju (@ki_young_ju) August 6, 2024As long as the #Bitcoin price stays above $45K, it could break its all-time high again within a year, imo.
Some indicators are showing bearish signals. However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two.
Bitcoin must stay above $45,000
Young Ju said that if Bitcoin’s price remained above $45,000, it could hit all-time highs, exceeding this year’s price of $73,737.94.
Young Ju believes that the downturn may resemble the situation of early 2020 rather than late 2021. He attributes this to macroeconomic uncertainties rather than fundamental issues.
A significant trend is the movement of Bitcoin from long-time holders to newer ones and institutional investors, while the involvement of individual investors remains fairly limited. This change could play a key role in supporting the market during periods of economic instability.
Currently, Bitcoin is trading in the $56,000 range, reflecting a 13% increase since the lows of Aug. 5.