Bitcoin’s Price Stagnation

Bitcoin’s price has been stuck between $93,000 and $98,000 for two weeks, leaving traders uncertain about its next move. Meanwhile, the recent repayments to its creditors by the defunct crypto exchange FTX have added more selling pressure, causing concerns in the market. Thus, CryptoQuant CEO Ki Young Ju believes Bitcoin could fall to $77,000 without ending its ongoing bull cycle.

Could Bitcoin Drop to $77K?

Currently, Bitcoin is trading around $96,369, showing little movement in the past 24 hours. According to Ki Young Ju, Bitcoin could experience a 30% correction from a potential all-time high (ATH) of $110,000.

This means a drop to $77,000 would still align with previous bull market trends. He reassured that Bitcoin’s price would eventually rise, but it might fluctuate significantly in the meantime.

Ki Young Ju highlighted several critical support levels based on cost-basis data for Bitcoin.

Key Cost Basis Levels for Bitcoin

One of the key support levels is the $89,000 cost basis for Bitcoin ETFs, which has remained crucial since November. The average entry price for BTC traders on Binance is approximately $59,000.

Thus, the mining breakeven point is around $57,000. Historically, dropping below this level has triggered bear markets, as seen in May 2022, March 2020, and November 2018.

Although the cost basis is at $25,000 for the Old Whales, a level Bitcoin has never dropped below in past cycles. These levels suggest that Bitcoin remains in a healthy position despite short-term fluctuations.

Bitcoin’s Key Levels to Watch

Despite failing to break the $100,000 mark, Ki Young Ju remains optimistic. 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 last month’s high of $106K.