{"id":633977,"date":"2024-08-08T16:00:14","date_gmt":"2024-08-08T16:00:14","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=633977"},"modified":"2024-08-08T10:22:25","modified_gmt":"2024-08-08T10:22:25","slug":"cryptoquant-ceo-bitcoin-price","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin\/cryptoquant-ceo-bitcoin-price\/","title":{"rendered":"CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level"},"content":{"rendered":"<p class=\"p2\">Following the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-bounce-back-55k\/\">Bitcoin price crash below $60,000<\/a>, hopes for the BTC price to reach a new all-time high, at least for the short-term, seem to have been shattered. However, over the long term, analysts still expect that the Bitcoin price will still rebound from here. One of those who believe that the <a href=\"https:\/\/bitcoinist.com\/schiff-expects-spot-bitcoin-etfs-to-hit-new-lows\/\" rel=\"nofollow\">BTC price<\/a> will still reach a new all-time high is CryptoQuant CEO Ki Young, but there is a caveat to this rally.<\/p>\n<h2 class=\"p2\">Bitcoin Price Must Hold $45,000<\/h2>\n<p class=\"p2\">In an X (formerly Twitter) post, CryptoQuant CEO Ki Young <a href=\"https:\/\/x.com\/ki_young_ju\/status\/87055301\" rel=\"nofollow\">revealed<\/a> that the Bitcoin price remains bullish even after the crash. The major level is the $45,000 level, though, as holding this level will be a defining factor for whether the bearishness continues or if Bitcoin makes its way to a new all-time high.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/cardano\/cardano-price-crash-buy-ada\/\">Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA?<\/a><\/div>\n<p class=\"p2\">The reason for the $45,000 caveat is <a href=\"https:\/\/bitcoinist.com\/bitcoin-miners-in-distress-mass-sell-off-sends-btc-price-tumbling-to-61000\/\" rel=\"nofollow\">miners\u2019 profitability levels<\/a>, which are currently sitting at $43,000. This $43,000 is the cost to mine a single Bitcoin by taking into account all of the operating costs. This means that as long as the BTC price remains above $45,000, miners remain in profit from any mined BTC.<\/p>\n<p class=\"p2\">However, a fall in price below the $45,000 level will initially put <a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/bitcoin-price-analysis-what-lies-on-the-horizon-after-crashing-below-50000\/\">the Bitcoin price<\/a> dangerously close to the cost of mining a BTC. Further decline could put it below the $43,000 level, at which time it would become unprofitable for miners to <a href=\"https:\/\/bitcoinist.com\/bitcoin-miners-realized-550-million-profits-year\/\" rel=\"nofollow\">mine BTC<\/a>, and possibly affecting the hash rate.<\/p>\n<p class=\"p2\">The CEO recognizes that some signals are still bearish for the Bitcoin price. However, he believes that if the pioneer cryptocurrency is able to maintain the $45,000 level without breaking for the next two weeks, then a rebound could be in the works. Following this, Young believes that the BTC price could reach a new all-time high before 2024 ends.<\/p>\n<h2 class=\"p2\">Bearish Signal Not Seen Since 2023 Returns<\/h2>\n<p class=\"p2\">The X post which the CryptoQuant CEO was responding to was from Julio Moreno, who is the Head of Research at CryptoQuant. In the post, Moreno took a rather bearish stance, <a href=\"https:\/\/x.com\/jjcmoreno\/status\/56990307\" rel=\"nofollow\">identifying<\/a> a peculiar bearish signal which had not been seen in more than one year.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/analysis\/xrp\/xrp-prediction-bullish\/\">XRP Prediction: Analyst Says Bullish Divergences Are Still Present, Here\u2019s Why<\/a><\/div>\n<p class=\"p2\">The Bull-Bear Market Cycle Indicator is one that can signal a return of the bear market. The researcher points at the COVID sell-off of 2020 as one of the instances when this indicator has turned bearish. Going by this historical performance, the <a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-49000-key-reasons\/\">Bitcoin and crypto market<\/a> could be gearing up for another extended bear market, which would mean that the market decline is far from over.<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/yiPQS6AC\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">BTC price retraces from $57,400 resistance | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Following the Bitcoin price crash below $60,000, hopes for the BTC price to reach a new all-time high, at least for the short-term, seem to have been shattered. However, over the long term, analysts still expect that the Bitcoin price will still rebound from here. One of those who believe that the BTC price will still reach a new all-time high is CryptoQuant CEO Ki Young, but there is a caveat to this rally. Bitcoin Price Must Hold $45,000 In an X (formerly Twitter) post, CryptoQuant CEO Ki Young revealed that the Bitcoin price remains bullish even after the crash. The major level is the $45,000 level, though, as holding this level will be a defining factor for whether the bearishness continues or if Bitcoin makes its way to a new all-time high. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? The reason for the $45,000 caveat is miners\u2019 profitability levels, which are currently sitting at $43,000. This $43,000 is the cost to mine a single Bitcoin by taking into account all of the operating costs. This means that as long as the BTC price remains above $45,000, miners remain in profit from any mined BTC. However, a fall in price below the $45,000 level will initially put the Bitcoin price dangerously close to the cost of mining a BTC. Further decline could put it below the $43,000 level, at which time it would become unprofitable for miners to mine BTC, and possibly affecting the hash rate. The CEO recognizes that some signals are still bearish for the Bitcoin price. However, he believes that if the pioneer cryptocurrency is able to maintain the $45,000 level without breaking for the next two weeks, then a rebound could be in the works. Following this, Young believes that the BTC price could reach a new all-time high before 2024 ends. Bearish Signal Not Seen Since 2023 Returns The X post which the CryptoQuant CEO was responding to was from Julio Moreno, who is the Head of Research at CryptoQuant. In the post, Moreno took a rather bearish stance, identifying a peculiar bearish signal which had not been seen in more than one year. Related Reading: XRP Prediction: Analyst Says Bullish Divergences Are Still Present, Here\u2019s Why The Bull-Bear Market Cycle Indicator is one that can signal a return of the bear market. The researcher points at the COVID sell-off of 2020 as one of the instances when this indicator has turned bearish. Going by this historical performance, the Bitcoin and crypto market could be gearing up for another extended bear market, which would mean that the market decline is far from over. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":634005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-633977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level<\/title>\n<meta name=\"description\" content=\"Following the Bitcoin price crash below $60,000, hopes for the BTC price to reach a new all-time high seem to have been shattered.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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