Bitcoin Crash Coming? CryptoQuant CEO Warns of a Drop to $77K!

Bitcoin has been stuck between $93,000 and $98,000 for two weeks, leaving traders unsure about its next move. Adding to the pressure, FTX’s recent creditor repayments have increased selling in the market. According to CryptoQuant CEO Ki Young Ju, Bitcoin could drop to $77,000 but still remain in a bull cycle.

Could Bitcoin Drop to $77K?

Currently, Bitcoin is trading around $96,369, with little movement in the past 24 hours. Ki Young Ju predicts a possible 30% correction from a future all-time high (ATH) of $110,000. Even if Bitcoin falls to $77,000, it would still follow past bull market trends.

While short-term volatility is likely, he reassures that Bitcoin’s long-term trend remains upward.

Key Support Levels to Watch

Ki Young Ju pointed out important price levels based on Bitcoin’s cost-basis data:

$89,000 – The cost basis for Bitcoin ETFs, acting as strong support since November.

$59,000 – The average entry price for BTC traders on Binance.

$57,000 – The mining breakeven point. Falling below this level has triggered bear markets in May 2022, March 2020, and November 2018.

$25,000 – The cost basis of long-term Bitcoin holders (“Old Whales”), a level Bitcoin has never dropped below in previous cycles.

These levels suggest Bitcoin is still in a strong position despite short-term fluctuations.

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Bitcoin’s Key Levels to Watch

Despite failing to break the $100,000 mark, Ki Young Ju remains optimistic. Since Bitcoin’s price has been consolidating within the $93k to $98k range. If BTC breaks below $92,000, it could further decline toward $90,000. 

Meanwhile, the Relative Strength Index (RSI) on the daily chart stands at 42, suggesting slight bearish momentum.

Despite the short-term uncertainty, If BTC climbs above $100K, it could rise further to test its last month’s high of $106K.

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