CryptoQuant’s CEO, Ki Young Ju, doesn’t think Bitcoin will enter a bear market this year. He bases this prediction on historical price data and the current cost basis of various Bitcoin holders.
The Cost Basis Argument
Ju points out that several key players have high average Bitcoin purchase prices (cost basis):
- ETFs/Custody Wallets: $89,000
- Binance Traders: $59,000
- Mining Companies: $57,000
- Old Whales: $25,000 (historically never breached)
In past bear markets (May 2022, March 2020, November 2018), Bitcoin’s price fell below these levels. Since the current price is above these figures, Ju argues a bear market is unlikely. He also notes that MicroStrategy, a major Bitcoin holder, has a cost basis of $65,033.
A Bullish Outlook
While Ju acknowledges that Bitcoin’s price could dip significantly (e.g., a 30% drop from its all-time high), he believes the bull market could continue even with such a correction. This is based on previous bull market patterns.
Current Bitcoin Price and Performance
At the time of writing, Bitcoin is trading around $95,930. While it’s up slightly in the last 24 hours, it’s down about 1% over the past week and nearly 12% from its all-time high of $108,786.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
