Bitcoin Could Hit New All-Time High If It Holds Above This Level – CryptoQuant CEO

CryptoQuant CEO Ki Young Ju predicts that if the price of bitcoin stays above $45,000, it could surpass its all-time high within a year.

His optimism persists in the crypto market, even as some bearish indicators are looming in the broader financial markets after bitcoin’s rally from Monday’s lows.

Ki Young Ju predicts Bitcoin recovery

Ki Young Ju warned X that the crypto market remains vulnerable. He mentioned that a recovery seems likely if bitcoin maintains its current levels over the next week or two. However, a prolonged stagnation could signal the beginning of a bear market.

The CEO of CryptoQuant believes that the current downturn may be more similar to the scenario of early 2020 than late 2021. He attributes this outlook to macroeconomic uncertainties rather than fundamental weaknesses in the crypto market.

A notable trend is the transfer of bitcoins from long-time holders to newer investors and institutional players, while individual participation remains relatively limited. This shift could be key to supporting the market during economic instability.

The prediction comes after the events of August 5, when global financial markets faced significant declines. Japan’s benchmark index fell more than 12%, while the Dow Jones and Nasdaq saw substantial declines. The tech giants collectively lost $650 billion in market capitalization. The crypto market was also affected, with bitcoin falling below $50,000 to $49,500.

BTC is currently trading around $57,000, up 25% from the last day.

Ki Young Ju assesses the financial role of Bitcoin

Ki Young Ju he tweeted previously about a growing debate among bitcoin investors. He noted that the community has split into two groups regarding BTC’s role in the financial world.

One group treats it like a technology stock. These investors often panic to sell during market turmoil and move their assets into physical gold. The other group sees BTC as digital gold, aligning itself with Satoshi Nakamoto’s original vision.

While both groups buy and hold the asset, backers of tech stocks tend to sell their stakes in times of market volatility, which Ki Young Ju criticized. He argued that bitcoin is destined to thrive during difficult times, echoing Satoshi Nakamoto’s original intent.

Ki Young Ju assured investors that they should not be too worried during market downturns. According to him, preserving the stability of bitcoin is vital for its long-term growth and acceptance.

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