Bitcoin Can Crash to $77K and Still Be Bullish, Says CryptoQuant CEO
Bitcoin's (BTC-USD) bull market isn't in troublenot even if prices plunge to $77,000, according to CryptoQuant CEO Ki Young Ju. He believes that even a 30% drop from $110,000 to $77,000 wouldn't mean the rally is over. History, he says, backs this up.
As of 6:43 AM ET, Bitcoin was trading at $96,268.6, up $630.6 (+0.66%), according to Investing.com. While BTC has struggled to break past the $100,000 mark, Ju isn't worried. I don't think we'll enter a bear market this year, he posted on X (formerly Twitter) on Feb. 19.
Pullbacks, he explained, are just part of the game. Bitcoin has seen major corrections in past bull cycles before pushing higher. A dip to $77,000 would still leave it well above the previous cycle's all-time highs, reinforcing its position as a long-term asset.
He also pointed out some key support levels that traders are watching. Bitcoin ETF investors in the U.S. have an average cost basis of $89,000, a level that has acted as support since November. If Bitcoin falls below that, the next major level would be $59,000, the break-even point for Binance traders. Bitcoin miners, on the other hand, would start operating at a loss if prices drop to $57,000.
Ju noted that previous bear marketsMay 2022, March 2020, and November 2018all started when Bitcoin fell beneath miners' cost bases. For now, though, Bitcoin is far from those danger levels.
This article first appeared on GuruFocus.
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