The recent Bitcoin price crash below $60,000 has disappointed many investors who were hoping for a new all-time high in the short-term. However, experts still believe that there is potential for the BTC price to rebound over the long term. One such expert is CryptoQuant CEO Ki Young, who remains bullish on the Bitcoin price even after the crash.
According to Young, the key level to watch is $45,000. This level is crucial because it determines whether the bearish trend will continue or if Bitcoin will make its way to a new all-time high. The reason behind this caveat is the profitability levels of miners, which currently stand at $43,000. This means that as long as the BTC price remains above $45,000, miners will continue to make a profit from mining BTC.
However, if the price falls below $45,000, it could put Bitcoin dangerously close to the cost of mining a single BTC. A further decline below $43,000 would make it unprofitable for miners to continue mining BTC, potentially affecting the hash rate. Despite some bearish signals in the market, Young believes that if Bitcoin can hold above $45,000 for the next two weeks, a rebound could be on the horizon.
The X post that sparked the discussion was from Julio Moreno, the Head of Research at CryptoQuant, who took a more bearish stance. Moreno pointed out a bearish signal that had not been seen in over a year, signaling a potential return of the bear market. Comparing this indicator to the COVID sell-off of 2020, Moreno suggested that the market could be heading towards an extended bear market cycle.
The future of the Bitcoin price remains uncertain as industry experts share conflicting views on its trajectory. While some believe that Bitcoin could reach a new all-time high before the end of 2024, others warn of the possibility of an extended bear market. As investors navigate through this period of uncertainty, it is crucial to stay informed and make well-informed decisions based on the latest market developments.
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