According to CryptoQuant CEO Ki Young Ju, Bitcoin has the potential to surpass its all-time high within a year if its price remains consistently above $45,000.
Bitcoin rebounded from a challenging weekend, maintaining optimism in the crypto market despite some negative indicators from the broader financial markets. On August 5, global markets experienced declines, with Japan’s benchmark index dropping over 12%, and both the Dow Jones and Nasdaq seeing significant losses. Tech companies collectively lost $650 billion in market capitalization, affecting the crypto market as Bitcoin fell below $50,000 to $49,578.
Young Ju cautioned on X that while the crypto market is currently vulnerable, a short-term stabilization above $45,000 could suggest a recovery. However, extended stagnation might indicate the start of a bear market.
He noted that if Bitcoin maintains a price above $45,000, it could potentially reach new all-time highs, surpassing this year’s peak of $73,737.94. Young Ju compares the current downturn to early 2020 rather than late 2021, attributing it more to macroeconomic uncertainties than to fundamental issues.
A key trend is the shift of Bitcoin ownership from long-time holders to newer and institutional investors, with individual investor involvement remaining relatively limited. This shift could support the market during economic instability.
Currently, Bitcoin is trading around $56,000, reflecting a 13% recovery from its lows on August 5.
