Bitcoin's Bull Run Unstoppable Despite $77K Price Plunge

Bitcoin's bull market remains resilient, even in the face of a potential $77,000 price crash, according to CryptoQuant CEO Ki Young Ju. Despite Bitcoin's recent struggles to surpass $100,000, Ju believes that a 30% price drop from $110,000 to $77,000 would not derail the bull market. He points to historical patterns that suggest Bitcoin remains in an uptrend even with steep corrections.

Ju highlights that Bitcoin's bull cycles often include significant pullbacks before continuing their upward trajectory. A potential dip to $77,000 would still keep Bitcoin well above its previous cycle's all-time highs, reinforcing its strength as a long-term asset. Key support levels hold the market's fate, with Bitcoin ETF investors in the U.S. having a cost basis of $89,000, which has acted as support since November. For Binance traders, the break-even point is much lower at $59,000, while Bitcoin miners would start operating at a loss if prices drop to $57,000.

Ju notes that previous bear markets in May 2022, March 2020, and November 2018 all began when Bitcoin fell beneath miners' cost bases. However, Bitcoin is nowhere near those danger levels—at least for now. As of the time of writing, Bitcoin's price and market sentiment remain stable, with no immediate signs of a significant crash.