Bitcoin Can Drop to $77K and Still Stay in a Bull Market
The post Bitcoin Can Drop to $77K and Still Stay in a Bull Market appeared on BitcoinEthereumNews.com.
Ju pointed out that Bitcoin’s long-term trend is still bullish, as key support levels remain strong, particularly around $89,000 and $85,000. On-chain data also indicates that a major breakout is imminent, very similar to August of 2023’s volatility patterns. Meanwhile, industry experts, including Samson Mow, raised some concerns about potential market manipulation, as Bitcoin’s price has been trading in a very tight range despite strong institutional demand. Even though there is short-term uncertainty, analysts expect BTC to reach between $160,000 and $180,000 in 2025. BTC’s Bull Cycle Is Not Over Bitcoin’s price could experience a big dip to $77,000 without actually jeopardizing its ongoing bull market, according to CryptoQuant CEO Ki Young Ju. In a series of posts on X, Ki argued that a 30% decline from Bitcoin’s all-time high will still align with historical trends. This means that the bull cycle is still intact despite recent price stagnation. He also believes that while Bitcoin struggled to reclaim the $100,000 mark over the past few weeks, the overall trend remains bullish, and higher price levels are still likely to materialize throughout 2025. (Source: X) Ki dismissed concerns about an imminent bear market by explaining that Bitcoin’s price range could be broad, but historical patterns suggest that even with a big pullback, the overall uptrend would continue. A drop to $77,000 will still keep BTC/USD above its previous cycle’s all-time high, making it a crucial support level for traders looking to establish a firm market floor. He specifically pointed to aggregate cost bases of key investor groups, and noticed that US spot Bitcoin ETF investors currently have an average buy-in at $89,000, which is a level that served as support since November. Similarly, new Bitcoin whales have an identical entry point, adding to its importance as a potential reversal zone in…
Filed under: News - @ February 19, 2025 2:24 pm