After the bitcoin price fell below $60,000, the hopes of BTC reaching a fresh all-time high, at least in the brief term, seem to be dashed. However, in the longer term, analysts still expect the bitcoin price to continue to bounce from this point. One of those who believe BTC price According to CryptoQuant CEO Ki Young, the enhance will still be a fresh all-time high, but there is a caveat to the enhance.
Bitcoin price must stay at $45,000
In a post on X (formerly Twitter), CryptoQuant CEO Ki Young revealed that the price of Bitcoin remains bullish even after the crash. The most vital level, however, is the $45,000 level, as maintaining this level will be the deciding factor in whether the bearish sentiment will continue or Bitcoin will reach a fresh all-time high.
The reason for the $45,000 reservation is miners’ profitability levelwhich currently stands at $43,000. That $43,000 is the cost of mining one Bitcoin, taking into account all operating costs. This means that as long as the price of BTC remains above $45,000, miners continue to make a profit on every BTC mined.
However, a drop below $45,000 initially would bring the price of Bitcoin dangerously close to the cost of mining BTC. A further drop could cause it to fall below $43,000, at which point miners would no longer be able to BTC miningand potentially affecting the hash rate.
The CEO is aware that some signals are still bearish for the price of Bitcoin. However, he believes that if the pioneering cryptocurrency can maintain the $45,000 level without breaking through for the next two weeks, a rebound could be in the works. After that, Young believes that the price of BTC could reach a fresh all-time high before the end of 2024.
Bearish signal not noticeable since 2023 results
The post X, to which the CryptoQuant CEO was responding, came from Julio Moreno, who is the head of research at CryptoQuant. In the post, Moreno took a rather bearish stance, identifying strange bear signal that hasn’t been seen in over a year.
The bull and bear market cycle indicator is one that can signal the return of a bear market. The researcher points to the COVID sell-off in 2020 as one instance where the indicator turned bearish. Given this historical performance, the Bitcoin and cryptocurrency markets could be heading for another extended bear market, which would mean the market’s decline is far from over.
Featured image created with Dall.E, chart from Tradingview.com
