Macroeconomic uncertainties, such as the US federal government’s longest-ever 43-day shutdown and uncertainty surrounding the Fed’s interest rate cuts, caused Bitcoin’s sharp decline.
While further declines and bearish rhetoric for Bitcoin increased after the sharp correction in the market, CryptoQuant CEO Ki-young Ju made important statements about the future of BTC.
The famous CEO spoke clearly about the bear market, stating that it is unlikely that a bear market will occur unless the BTC price falls below $94,000.
At this point, Ki-young Ju stated that the $94,000 price level is a critical and important level to determine whether Bitcoin has entered a bear market.
The famous CEO said in his post on X that it is difficult to evaluate the current correction in Bitcoin as a bear trend on its own.
Noting that the average purchase price for investors who purchased BTC 6 to 12 months ago was $94,000, Ju said that whether this level will be broken will determine the bear trend.
Finally, Ju said it is better to wait than to jump to conclusions.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/is-bitcoins-latest-drop-a-bearish-signal-cryptoquant-ceo-explains-this-level-will-start-a-bear-market/
