The chief executive of market intelligence firm CryptoQuant says the next few weeks are crucial for Bitcoin (BTC), revealing what his worst-case scenario for the crypto king would look like.
In a new thread, Ki Young Ju tells his 408,700 followers on the social media platform X that he expects this cycle to be the longest bull run in history but notes that if BTC fails to hold up, it could find itself near the $77,000 level before eventually mounting a recovery.
“Based on the typical two-year cycle, the bull market should last until April 2025 – I mentioned this back in May 2024. The next month or two will be a key turning point for the BTC market. If every indicator confirms a downtrend, I’ll admit I was wrong and post about it.
But as I said earlier, I think the chances of dropping below $77,000 are low. Even in the worst case, I see a high probability of consolidating around $77,000 for a few months before moving back up.”
According to Ju, those panic selling the top crypto asset by market cap are losing out as large dips have been common in the past for BTC. However, he notes that this time around, BTC might take a while to recover as demand for its exchange-traded funds (ETFs) looks weak.
“If you’re panic selling now, you’re probably a noob. A 30% correction in a Bitcoin bull cycle is common – it dropped 53% in 2021 and still recovered to an ATH (all-time high). Buying when prices rise and selling when they fall is the worst investment strategy. Invest with a clear plan.”
Bitcoin is trading for $85,463 at time of writing, a 2.2% decrease during the last 24 hours.
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