Bitcoin price to hit all-time high if it stays above $45k: CEO

According to CryptoQuant CEO Ki Young Ju, if Bitcoin’s price stays above $45,000, it could surpass its all-time high within a year.

Bitcoin (BTC) has rebounded after a turbulent weekend, and optimism remains in the cryptocurrency market despite some bearish indicators in financial markets.

On August 5, global financial markets suffered declines as Japan’s index fell more than 12%, with the Dow Jones and Nasdaq also seeing significant declines. Tech giants lost a combined $650 billion in market value. The crypto market was also affected, with Bitcoin falling below $50,000 to $49,578.

Young Ju warned X that the crypto market remains vulnerable. If Bitcoin stays at current levels for a week or two, a recovery seems likely, but a prolonged stagnation could signal the start of a bear market.

As long as #Bitcoin If the price stays above $45k, I think it could break the all-time high again within a year.

Some indicators are showing bearish signals. However, they could still pick up with a rebound, so we need to watch if it stays at this level for a week or two.

If so… https://t.co/FnqafcQcjp pic.twitter.com/fJiM2btQeF

— Ki Young Ju (@ki_young_ju) August 6, 2024

Bitcoin must stay above $45,000

Young Ju said that if the price of Bitcoin stays above $45,000, it could reach new all-time highs, surpassing this year’s price of $73,737.94.

Young Ju thinks the decline could be similar to the situation at the beginning of 2020 rather than the end of 2021. He attributes this to macroeconomic uncertainties rather than fundamental problems.

A key trend is the movement of Bitcoin from long-term holders to new holders and institutional investors, with participation from individual investors remaining fairly limited. This shift could play a significant role in supporting the market during times of economic instability.

Bitcoin is currently trading in the $56,000 range and is up 13% since the lows on August 5.