Bitcoin's (BTC-USD, Financial) bull market isn't in trouble—not even if prices plunge to $77,000, according to CryptoQuant CEO Ki Young Ju. He believes that even a 30% drop from $110,000 to $77,000 wouldn't mean the rally is over. History, he says, backs this up.
As of 6:43 AM ET, Bitcoin was trading at $96,268.6, up $630.6 (+0.66%), according to Investing.com. While BTC has struggled to break past the $100,000 mark, Ju isn't worried. “I don't think we'll enter a bear market this year,” he posted on X (formerly Twitter) on Feb. 19.
Pullbacks, he explained, are just part of the game. Bitcoin has seen major corrections in past bull cycles before pushing higher. A dip to $77,000 would still leave it well above the previous cycle's all-time highs, reinforcing its position as a long-term asset.
He also pointed out some key support levels that traders are watching. Bitcoin ETF investors in the U.S. have an average cost basis of $89,000, a level that has acted as support since November. If Bitcoin falls below that, the next major level would be $59,000, the break-even point for Binance traders. Bitcoin miners, on the other hand, would start operating at a loss if prices drop to $57,000.
Ju noted that previous bear markets—May 2022, March 2020, and November 2018—all started when Bitcoin fell beneath miners' cost bases. For now, though, Bitcoin is far from those danger levels.
