Bitcoin(BTC) Price Could Crash to $77K, Warns CryptoQuant CEO

Bitcoin’s price is currently hovering in the range of $93,000 and $98,000, causing anxiety among investors. Moreover, the FTX creditor repayments are adding selling pressure.

CryptoQuant CEO Ki Young Ju predicts a potential drop to $77,000 (a 30% correction from a hypothetical $110,000 peak). Ki tweeted the key support levels to watch out for.

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.

Market Analysis and Predictions

#Bitcoin Cost Basis at $95K:

• ETFs/Custody Wallets: $89K

• Binance Traders: $59K

• Mining Companies: $57K – Falling below this level in past downturns (May 2022, March 2020, November 2018) confirmed a bear market.

• Old Whales: $25K – Never breached historically. pic.twitter.com/QlfUx8bO08

— Ki Young Ju (@ki_young_ju) February 19, 2025

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.

Ki Young Ju explained in a tweet: “Bitcoin may see a 30% correction from a future all-time high (ATH) of $110,000, but it would still follow past bull market trends.”

Short-Term Volatility and Long-Term Trend

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

Key Levels to Watch

• $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.

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.

#Bitcoin Cost Basis at $95K:

• ETFs/Custody Wallets: $89K

• Binance Traders: $59K

• Mining Companies: $57K – Falling below this level in past downturns (May 2022, March 2020, November 2018) confirmed a bear market.

• Old Whales: $25K – Never breached historically. pic.twitter.com/QlfUx8bO08

— Ki Young Ju (@ki_young_ju) February 19, 2025

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

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