Bitcoin’s bull market is not in danger—not even if prices plunge to $77,000, according to CryptoQuant CEO Ki Young Ju.
Bitcoin Can Withstand a 30% Drop and Stay Bullish
Despite Bitcoin struggling to break past $100,000, CryptoQuant CEO Ki Young Ju believes that even a 30% price drop from $110,000 to $77,000 won’t derail the bull market. According to Ju, historical patterns suggest Bitcoin remains in an uptrend even with steep corrections. “I don’t think we’ll enter a bear market this year,” he stated in a post on X (formerly Twitter) on Feb. 19.
Ju highlighted that Bitcoin’s bull cycles often include significant pullbacks before continuing their upward trajectory. A potential dip to $77,000 would still keep Bitcoin well above its previous cycle’s all-time highs, which reinforces its strength as a long-term asset.
Key Support Levels Hold the Market’s Fate
Ju pointed out that Bitcoin ETF investors in the U.S. have a cost basis of $89,000, which has acted as support since November. If Bitcoin falls below that, traders will be watching for the next major support level. For Binance traders, the break-even point is much lower at $59,000, while Bitcoin miners would start operating at a loss if prices drop to $57,000.
He noted that previous bear markets in May 2022, March 2020, and November 2018 all began when Bitcoin fell beneath miners’ cost bases. However, Bitcoin is nowhere near those danger levels—at least for now.
At the time of writing, Bitcoin is sitting at $96,368.80.
