NAIROBI (CoinChapter.com)— Bitcoin’s price could plummet to $77,000 and still maintain its bullish trajectory, according to CryptoQuant CEO Ki Young Ju. Despite the recent slowdown in BTC’s rally, historical trends suggest a 30% dip would not derail its uptrend.
Bitcoin Price Can Withstand a $77K Correction
Bitcoin has struggled to break past $100,000, with its recent price action showing more sideways movement than upward momentum. However, Ki remained optimistic about BTC’s broader market cycle. He stated in an X that even a 30% drop from an all-time high (ATH) of $110,000 would not trigger a bear market.
Bitcoin investor cost basis data. Source: Ki Young Ju/XThe comments come as Bitcoin trades in a prolonged consolidation phase, struggling to reclaim the psychological $100,000 level. However, Ki sees no reason for concern. “I don’t think we’ll enter a bear market this year,” he stated, referencing Bitcoin investor cost basis data.
Even with a deep pullback, BTC would still be trading above the previous cycle’s all-time highs. Traders have been eyeing the $77,000 level as a key downside target, viewing it as a strong support zone that could stabilize the market before the next upward push.
Whales Keep Buying as Bitcoin Price Consolidates
Adding to the bullish outlook, CryptoQuant reported that whales are aggressively accumulating BTC. Over 28,000 BTC recently flowed into accumulation addresses, which are often linked to over-the-counter (OTC) deals and long-term holdings.
Whales Accumulate 28K+ BTC Amid Market Surge. Source: CryptoQuantThese movements suggest that institutional players and high-net-worth individuals still bet on Bitcoin’s long-term potential. When whales accumulate during price dips, it often indicates confidence in future price appreciation. This behavior has historically preceded major bullish breakouts, further reinforcing Ki’s stance that the bull market remains intact.
Moreover, Bitcoin’s on-chain data reveals that ETF investors are holding strong. The aggregate cost basis for U.S. spot Bitcoin exchange-traded fund (ETF) investors is around $89,000, which has served as a strong support level since November. Whales accumulating and ETF investors holding suggest that major players are not shaken by the short-term market fluctuations.
Why a Deeper Bitcoin Price Crash Remains Unlikely
Despite concerns over a potential downturn, CryptoQuant contributor Timo Oinonen argues that Bitcoin’s post-halving price action remains incomplete. He noted that BTC/USD has only risen about 60% since the Apr. 2024 block subsidy halving, suggesting further upside potential.
BTC/USD comparison (screenshot). Source: CryptoQuant“Despite the continuing halving cycle, I’d expect to see a sell-in May effect, a sideways summer, and elevated price levels by the last quarter. The positive Q4 seasonality has been repeated in 2013, 2016, 2017, 2020, 2021, 2023, and 2024,” Oinonen stated in a Feb. 17 report.
This pattern suggests that while short-term corrections may occur, Bitcoin’s long-term outlook remains bullish. A deeper market correction could take months or even a year to materialize, providing traders with time to capitalize on price swings.
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