According to CryptoQuant CEO Ki Young Ju, if Bitcoin stays above $45,000, it could surpass its all-time high within a year.
Bitcoin (BTC) is up after a turbulent weekend, and optimism remains in the cryptocurrency market despite some bearish signals in financial markets.
On August 5, global financial markets took a hit, with Japan’s benchmark index falling more than 12%, while the Dow Jones and Nasdaq also saw significant declines. Tech giants collectively lost $650 billion in market value. The cryptocurrency market was also affected, with Bitcoin falling below $50,000 to $49,578.
Young Gu warned on Channel X that the cryptocurrency market is still vulnerable. If Bitcoin stays at its current levels for a week or two, the market is likely to recover, but a prolonged slump could signal the beginning of a bear market.
Bitcoin price should stay above $45k
If Bitcoin stays above $45,000, it could hit an all-time high, surpassing this year’s $73,737.94, Young-Ju said.
Young Jo Believes He believes the economic slowdown could be more like early 2020 than late 2021. He attributes this to macroeconomic uncertainty rather than fundamental issues.
The important trend is the shift of Bitcoin from old holders to new holders and institutional investors, while retail investor participation remains somewhat limited. This shift could play a major role in supporting the market during periods of economic instability.
Bitcoin is currently trading in the $56,000 range, reflecting a 13% increase since its lows on August 5.