CryptoQuant CEO Needs Bitcoin To Break This Price Level to Turn Bullish Again

• Bitcoin rebounds above $93,000 after reaching $94,700 on Tuesday.
• Ki Young Ju remains skeptical despite price recovery from April lows.
• Other analysts see current rally confirming long-term bullish trend.

Ki Young Ju, the CEO of CryptoQuant, insists that Bitcoin must reach the crucial $100,000 barrier before he would change his pessimistic assessment of the current market cycle, even in light of the cryptocurrency’s remarkable recent resurgence.

Bitcoin has shown resilience this week and gained 2.71% on Monday, April 21, followed by a substantial 6.83% surge on Tuesday, April 22. This upward momentum brought Bitcoin above $90,000 for the first time in almost a month, reaching a high of $94,700—a figure not seen in seven weeks. Even with a minor 0.43% retracement today, Bitcoin has maintained its position above $93,000, reigniting optimism among many market analysts.

This recovery challenges Ki Young Ju’s previous assessment from March 18, when he declared the Bitcoin bull run was over as the cryptocurrency struggled near $83,000. At that time, the CryptoQuant CEO highlighted several concerning factors, including diminishing liquidity, reduced ETF inflows, and the inability of large trading volumes to break through the $100,000 resistance level.

Following his bearish pronouncement, Bitcoin continued its downward trajectory, eventually dropping to $74,000 on April 7—representing a 10% decline from the $82,000 mark. Although BTC briefly rebounded above $82,000 shortly afterward, it remained confined to the lower range of the $80,000 level until this week’s rally.

Ki acknowledges Bitcoin’s impressive recovery

In his latest update, Ki acknowledged Bitcoin’s impressive recovery but emphasized that he remains unconvinced of a confirmed bullish trend unless prices break decisively above $100,000. He plans to continue analyzing on-chain data over the coming weeks to determine whether the current momentum represents a genuine cycle reversal or merely a temporary bounce.

Ki highlighted the challenges of relying on cyclical on-chain indicators in a market that frequently responds unpredictably to news events, including political developments. He stressed that his analytical approach focuses primarily on fundamental supply and demand patterns rather than short-term price fluctuations.

In contrast to Ki’s cautious perspective, other prominent analysts have expressed stronger confidence in Bitcoin’s current upward trajectory. According to market expert Miles Deutscher, Bitcoin has been on a long-term rising track since 2022, and the currency is still in a bull market.

According to Deutscher, the latest decline only retreated to a crucial support point that aligned with the “Paradise Money Noodle” indicator, which has continuously served as a base for price rallies throughout the previous two years.

Veteran trader Peter Brandt has also modified his perspective in reaction to the most recent bounce. Brandt had previously cautioned against Bitcoin even after it broke important resistance levels. According to Brandt, the rebound may indicate that the overall bullish trend will continue.