Bitcoin has been stuck between $93,000 and $98,000 for two weeks, leaving traders unsure about its next move. Adding to the pressure, FTX’s recent creditor repayments have increased selling in the market. According to CryptoQuant CEO Ki Young Ju, Bitcoin could drop to $77,000 but still remain in a bull cycle.
Currently, Bitcoin is trading around $96,369, with little movement in the past 24 hours. Ki Young Ju predicts a possible 30% correction from a future all-time high (ATH) of $110,000. Even if Bitcoin falls to $77,000, it would still follow past bull market trends.
While short-term volatility is likely, he reassures that Bitcoin’s long-term trend remains upward.
Ki Young Ju pointed out important price levels based on Bitcoin’s cost-basis data:
$89,000 – The cost basis for Bitcoin ETFs, acting as strong support since November.
$59,000 – The average entry price for BTC traders on Binance.
$57,000 – The mining breakeven point. Falling below this level has triggered bear markets in May 2022, March 2020, and November 2018.
$25,000 – The cost basis of long-term Bitcoin holders (“Old Whales”), a level Bitcoin has never dropped below in previous cycles.
These levels suggest Bitcoin is still in a strong position despite short-term fluctuations.
Despite failing to break the $100,000 mark, Ki Young Ju remains optimistic. Since Bitcoin’s price has been consolidating within the $93k to $98k range. If BTC breaks below $92,000, it could further decline toward $90,000.
Meanwhile, the Relative Strength Index (RSI) on the daily chart stands at 42, suggesting slight bearish momentum.
Despite the short-term uncertainty, If BTC climbs above $100K, it could rise further to test its last month’s high of $106K.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046 this year if the bullish sentiment sustains.
With increased adoption, the price of 1 Bitcoin could reach a height of $610,646 in 2030.
Projecting a 10-year growth in a volatile asset like Bitcoin seems a far-stretched notion. The BTC price is expected to cross $600,000 by 2030. With global adoption, Bitcoin could be worth 1 million dollars.
As per our latest BTC price analysis, the Bitcoin could reach a maximum price of $5,148,828.
By 2050, a single BTC price could go as high as $12,436,545.
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