CryptoQuant CEO Ki Young Ju stated that if Bitcoin remains above $45,000, it could surpass its all-time high within a year. Despite recent market declines, including Japan’s index dropping over 12% and significant losses for major tech companies, optimism persists in the crypto market. Bitcoin fell below $50,000 but has since rebounded to around $56,000, a 13% increase. Young Ju cautioned that the crypto market is vulnerable and if Bitcoin stabilizes at current levels for one to two weeks, a recovery is likely, while prolonged stagnation may indicate a bear market. He noted a shift in Bitcoin ownership from long-time holders to newer and institutional investors, which could support the market during economic uncertainties. He compared the current downturn to early 2020 rather than late 2021, attributing it to macroeconomic factors rather than fundamental issues.
