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)
rebounded
from
a
tumultuous
weekend,
and
optimism
remains
in
the
crypto
market
despite
some
bearish
indicators
in
the
financial
markets. 

On
Aug.
5,
global
financial
markets

experienced
declines
as
Japan’s
benchmark
index
plummeted
over
12%,
while
the
Dow
Jones
and
Nasdaq
also
saw
substantial
drops.
Tech
giants
collectively
lost
$650
billion
in
market
cap.
The
crypto
market
was
also
affected
as
Bitcoin
dropped
below
$50,000,
hitting
$49,578.

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

Bitcoin
must
stay
above
$45,000

Young
Ju
said
that
if
Bitcoin’s
price
remained
above
$45,000,
it
could
hit
all-time
highs,
exceeding
this
year’s
price
of
$73,737.94.

Young
Ju

believes
that
the
downturn
may
resemble
the
situation
of
early
2020
rather
than
late
2021.
He
attributes
this
to
macroeconomic
uncertainties
rather
than
fundamental
issues.

A
significant
trend
is
the
movement
of
Bitcoin
from
long-time
holders
to
newer
ones
and
institutional
investors,
while
the
involvement
of
individual
investors
remains
fairly
limited.
This
change
could
play
a
key
role
in
supporting
the
market
during
periods
of
economic
instability.

Currently,
Bitcoin
is
trading
in
the
$56,000
range,
reflecting
a
13%
increase
since
the
lows
of
Aug.
5.