The CEO of market analytics firm CryptoQuant believes that the next few weeks are critical for Bitcoin (BTC), sharing his worst-case scenario for the leading cryptocurrency.
In a recent Twitter thread, Ki Young Ju, with a substantial following of 408,700 users on X, predicts that this bull market cycle could be the longest in history. However, he warns that if BTC fails to maintain its current levels, it could drop to around $77,000 before beginning a recovery.
“Based on the typical two-year cycle, the bull market is expected to continue until April 2025 – a prediction I made in May 2024. The upcoming months will be pivotal for the BTC market. If all indicators point towards a downtrend, I will acknowledge my error and communicate it. However, I believe the likelihood of BTC falling below $77,000 is slim. Even in the worst-case scenario, I anticipate a high chance of consolidation around $77,000 for a few months before an upward trend resumes.”
Ju advises that those engaging in panic selling of the top cryptocurrency are missing out, as significant price drops have historically been common for BTC. While acknowledging that recovery might take longer this time due to weak demand for Bitcoin ETFs, he emphasizes the importance of investing with a clear plan rather than reacting to short-term market fluctuations.
“If you’re panic selling now, you’re likely inexperienced. A 30% correction during a Bitcoin bull cycle is not unusual – in 2021, it dropped by 53% and still bounced back to an all-time high. Following a strategy of buying high and selling low is detrimental to your investments. Make decisions based on a well-defined plan.”
As of now, Bitcoin is priced at $85,463, reflecting a 2.2% decrease in the last 24 hours.
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