Bitcoin’s recent dip below $80,000 has ignited concerns, as the crypto fear and greed index went to a year-low of 20, indicating fear among investors. However, Ki Young Ju, CEO of the on-chain analytics platform CryptoQuant, insists that the bull cycle remains intact.
CEO CryptoQuant Remains Bullish
In an X (formerly Twitter), Ju explained that while prices drop when new liquidity dries up, this does not necessarily signal the end of the rally. Instead, he predicts an extended consolidation phase within a $75,000 to $100,000 range, similar to Bitcoin’s movements in early 2024. Notably, it had moved from $42,000 to $73,000, then corrected by over 27% before rallying further.
Addressing concerns about his stance, Ju explained that he is still bullish despite the possibility of a 30% drawdown during this cycle. He emphasized that such corrections are normal in bull markets, and his outlook has been consistent. He noted that he currently sees no reason to change his view. He said, “If the price drops significantly below $75K, I’d be wrong.”
According to the CryptoQuant CEO, the key question is where new liquidity will come from to push Bitcoin higher. He believes good news or fresh institutional demand could drive the next leg up. Until then, Bitcoin may remain highly volatile, but Ju remains confident that the bull cycle is far from over.
Other Industry Leaders Maintain Bullish Stance
Despite Bitcoin’s recent dip, other industry leaders remain optimistic about its long-term trajectory. Arthur Hayes, co-founder of BitMEX, predicted that Bitcoin could fall to $70,000 in the short term due to market corrections and ETF-related sell-offs. However, he believes this pullback is only temporary and expects Bitcoin to surge to $250,000 by the end of the year.
Similarly, Bitcoin maximalist Michael Saylor jokingly stated, “Sell a kidney if you must, but keep the Bitcoin,” reflecting his conviction that Bitcoin remains the best long-term asset despite volatility. Meanwhile, CZ, co-founder of Binance, mocked market reactions, tweeting, “Waiting for the new headline: Bitcoin ‘CRASHES’ from $1,001,000 to $985,000.”
At press time, Bitcoin traded at $78,000, reflecting an 8.5% decrease from the previous close. The day’s range has seen a high of $86,971 and a low of $78,346. Several states in the U.S. are already planning to add it to their investment portfolio — a move, if realized, could boost the asset’s value.
