Key Points
- Bitcoin’s recent price correction to under $83,000 was followed by a bounce back of more than 4%.
- CryptoQuant CEO, Ki Young Ju, dismisses fears of a further drop to $70,000.
After a recent dip to under $83,000, Bitcoin’s price has rebounded more than 4%, once again trading above $86,000. This correction sent shockwaves through the cryptocurrency market, with some analysts predicting a further drop to $70,000. However, Ki Young Ju, CEO of CryptoQuant, believes that a drop to under $77,000 is unlikely.
According to Ju, on-chain indicators are currently wavering at the bull-bear boundary. He expressed cautious optimism in a recent post on the X platform, stating, “I expect this to be the longest bull run in history, but I could be wrong. We need at least another month of data to confirm whether we’re entering a bear market.”
Market Direction and Potential Downtrend
Ju further explained that if demand doesn’t recover, these indicators could fully signal a downtrend. He believes that Bitcoin’s bull market should follow its typical two-year cycle, lasting until April 2025. The next two months, he noted, will be a pivotal period to determine the market direction.
Even in the worst-case scenario, Ju predicts that Bitcoin would likely consolidate around $77,000 before regaining upward momentum. He also advised against heavy leveraged trading in the current uncertain environment, stating, “I don’t think going heavy on leveraged directional bets — long or short — is a good move right now.”
Bitcoin Price: Oversold or Opportunity?
Over the past week, Bitcoin’s price has faced strong selling pressure, plunging to $83,000 following President Donald Trump’s announcement of 25% tariffs on Europe. This sent shockwaves across the global equity and cryptocurrency markets, triggering hundreds of millions of dollars in liquidations.
Crypto analyst Ali Martinez stated that for the first time since August 2024, Bitcoin has entered oversold conditions. A similar situation six months ago triggered a 33% Bitcoin price rally. If Bitcoin mirrors the market dynamics of the 2015-2018 cycle, as Martinez suggests, there may be substantial room for growth.
Other market analysts share a similar outlook. Michael van de Poppe, a prominent crypto analyst, has identified Bitcoin’s price reaching an optimal buying zone. He believes that reclaiming the $88K-$89K range could signal a strong recovery, potentially setting up a bullish trajectory for March.
