After a recent price crash that saw Bitcoin dip below $60,000, many hopeful investors were left wondering if the leading cryptocurrency would ever reach a new all-time high. However, analysts like CryptoQuant CEO Ki Young still believe that there is room for growth in the long term.
Ki Young recently shared his bullish outlook for Bitcoin in an X post, emphasizing the importance of the $45,000 price level. According to Young, as long as Bitcoin can hold above $45,000, it is likely to continue its upward trajectory. This level is crucial for miners, as it ensures that mining Bitcoin remains profitable given the current cost of production at around $43,000.
Despite some bearish indicators in the market, Young remains optimistic about Bitcoin’s future. He suggests that if Bitcoin can sustain its position above $45,000 for the next two weeks, a rebound is highly likely. This could potentially pave the way for Bitcoin to reach a new all-time high by the end of 2024.
On the other hand, Julio Moreno, the Head of Research at CryptoQuant, raises concerns about a possible bear market cycle. Moreno points to the Bull-Bear Market Cycle Indicator, which has recently turned bearish for the first time in over a year. Drawing parallels to the COVID-induced market crash of 2020, Moreno warns that Bitcoin and the broader crypto market may be on the verge of a prolonged downturn.
As the debate between bullish and bearish predictions continues, it is crucial for investors to closely monitor key price levels and market indicators. While some analysts like Ki Young remain hopeful about Bitcoin’s potential for growth, others like Julio Moreno sound a note of caution. Ultimately, the future of Bitcoin remains uncertain, and only time will tell whether it will reach new highs or face a prolonged period of decline.