Ki Young Ju, the founder of CryptoQuant, recently tweeted that as long as Bitcoin's price stays above $45,000, it has the potential to reach a new all-time high within a year. He noted that while some market indicators are currently showing bearish signals, there remains a possibility for recovery if Bitcoin maintains this price level over the next week or two.
Ju cautioned that if Bitcoin lingers at or below this threshold for an extended period, the likelihood of entering a bear market increases. He emphasized that recovery could be particularly challenging if the downturn persists for more than a month.
He also highlighted that the Bull-Bear Market Cycle Indicator has flagged a BEAR phase (high blue area) for the first time since January 2023. Historically, this indicator has flagged short-term BEAR phases during significant events such as the COVID-19 sell-off in March 2020 and the Chinese mining ban in May 2021. Notably, it accurately predicted the onset of the bear market in November 2021.
Investors are advised to closely monitor these developments, as the next few weeks could be crucial in determining Bitcoin's future market trajectory.
