Bitcoin Could Reach Record Highs If It Maintains Above 45K Says CEO
According to Ki Young Ju, the CEO of CryptoQuant, Bitcoin’s price must maintain itself above $45,000 to have a chance of surpassing its record high within the next year.
Following a turbulent weekend, Bitcoin (BTC) has shown signs of recovery, sparking optimism in the cryptocurrency market despite some bearish trends in broader financial markets.
On August 5, global financial markets faced declines, with Japan’s primary index plummeting by more than 12%. The Dow Jones and Nasdaq also experienced significant drops, leading to a collective loss of $650 billion in market capitalization among major tech companies. This downturn affected the crypto market as well, causing Bitcoin to dip below $50,000, reaching a low of $49,578.
Young Ju cautioned on X that the cryptocurrency market remains susceptible to further fluctuations. He noted that if Bitcoin can hold its current price for a week or two, a recovery seems probable; however, extended stagnation might indicate the beginning of a bear market.
In related news, there are discussions surrounding Donald Trump’s call for the government to refrain from selling Bitcoin.
Young Ju emphasized that maintaining Bitcoin above $45,000 is crucial, as doing so could enable it to reach new heights, potentially surpassing this year’s peak of $73,737.94. He believes the current downturn could be more akin to the events of early 2020 rather than the decline seen in late 2021, attributing this to macroeconomic uncertainties rather than any fundamental flaws in the market.
A notable trend is the transfer of Bitcoin from long-term holders to newer investors and institutional players, while individual investor participation remains relatively low. This shift could be vital for bolstering the market during challenging economic times.
At present, Bitcoin is trading around the $56,000 mark, reflecting a 13% increase since the lows recorded on August 5.
