Bitcoin Bull Market Unfazed by $77K Dip in 2025

Bitcoin's bull market can withstand a price dip to $77,000 in 2025, according to CryptoQuant CEO Ki Young Ju. In various posts on Feb. 19, Ki suggested that a 30% drop in BTC price would keep the current uptrend in line with historical norms.

Bitcoin remains in a "bull cycle" despite a month of sideways price action and a lack of impetus to reclaim $100,000. According to CryptoQuant's Ki, higher levels are set to persist throughout the coming year despite its slow start. "I don't think we'll enter a bear market this year," he argued while discussing the cost basis of various Bitcoin investor cohorts. "We're still in a bull cycle. The price would eventually go up, but the range seems broad. I personally think that the bull cycle could continue even with a -30% dip from ATH (e.g., 110K → 77K), as seen in past cycles."

A $77,000 local floor would still keep BTC/USD above its previous cycle's all-time highs and has already formed a popular downside target for traders keen to see the market form a solid support basis. Ki flagged several nearby aggregate cost bases of interest, including that of the US spot Bitcoin exchange-traded fund (ETF) investors at $89,000 — which has functioned as support since November. New Bitcoin whales have an identical net buy-in level, giving it increasing importance as a turnaround point should a wider market dip occur in the future.

Traders on global exchange Binance have an aggregate breakeven point much lower at $59,000, while just beneath that, Bitcoin mining companies would fall into the red at $57,000. Ki notes that "falling below this level in past downturns (May 2022, March 2020, November 2018) confirmed a bear market."

Elsewhere, CryptoQuant suggested that more BTC price upside was due this cycle, with contributing analyst Timo Oinonen calling it "unfinished." The reason, he stipulated in a "Quicktake" blog post on Feb. 17, is that since last April's block subsidy halving event, BTC/