CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,078,014,337	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,078,014,337

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2.18	-2.85%	74.43	74.47	74.53

Price Change

Price Change %

Current Price

Bid Price

Offer

-2.18

-2.85%

74.43

74.47

74.53

High Price	Low Price	Open Price	Prev. Close	52 Week Range
76.62	73.83	76.47	76.61	50.05 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

76.62

73.83

76.47

76.61

50.05 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:23:53	1.14	74.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:23:53

1.14

74.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
800,839.09	10,631.04	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

800,839.09

10,631.04

CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level

08/08/2024 5:00pm

NEWSBTC

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’ 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’s 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

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