Bitcoin Will Stay Bullish Even After a Drop to $77,000, CryptoQuant CEO Claims

This analysis comes in the context of growing institutional adoption in the United States.

Ki Young Ju, the CEO of CryptoQuant, believes that a major correction in the Bitcoin bull run is unlikely to occur until 2025. This analysis is made in the context of increasing institutional adoption in the United States.

An analyst predicts that Bitcoin will remain bullish even after a drop to $77,000.

Ki Young Ju, a well-known crypto market analyst, shared his analysis on the X platform on February 19. According to him, Bitcoin could experience a correction of 30% from its all-time highs and still maintain bullish momentum. This analysis is based on observing previous cycles, where similar corrections did not reverse the overall trend.

The analyst identifies several key support levels. The most important is at $89,000, which corresponds to the average entry price of Bitcoin ETF investors. Another key level is at $59,000, which represents the breakeven point for traders on Binance. For miners, the breakeven threshold is at $57,000, a level that has historically determined entry into a bear market.

This technical analysis is supported by increasing institutional adoption. Several U.S. states are currently exploring the creation of their own strategic Bitcoin reserves. On February 16, twelve states, including California, collectively invested $330 million in Strategy (formerly MicroStrategy), the primary institutional holder of Bitcoin with 478,740 BTC.

Perspectives and bullish catalysts after the halving

Another crucial factor is the upcoming halving event in April. This halving of the miner rewards has historically preceded major uptrends. However, since the last halving, Bitcoin has only increased by 60%, indicating untapped potential for growth, according to CryptoQuant.

According to contributor analyst Timo Oinonen, the evolution will likely occur in multiple phases: a potential correction in May, followed by a period of summer stabilization, and then a bullish rebound in the last quarter. This projection is based on the positive seasonality of the fourth quarter, which has been observed consistently since 2013.

Given these factors, the current consolidation seems to be a transitional phase rather than a trend reversal. The combination of increasing institutional adoption, the effects of the halving, and the resilience of the retail market suggests that Bitcoin could maintain bullish momentum despite any significant corrections. In related news, FTX victims are now starting to be reimbursed, and some of these funds may be reinvested in cryptos, further supporting the market.

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Being passionate about Bitcoin, I like to delve into the depths of blockchain and cryptos and share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for all, and I strongly believe that Bitcoin is the tool that can make this possible.