It was emphasized by CryptoQuant CEO Ki Young Ju that the crucial $100,000 threshold must be crossed by Bitcoin before his pessimistic outlook on the current market cycle would be reconsidered, despite the cryptocurrency’s notable recent recovery.
Resilience was demonstrated by Bitcoin this week, as a 2.71% gain was recorded on Monday, April 21, followed by a significant 6.83% surge on Tuesday, April 22. Through this upward momentum, Bitcoin was propelled above the $90,000 mark for the first time in nearly a month, peaking at $94,700 — a level not observed in seven weeks. Although a slight 0.43% pullback was experienced today, Bitcoin’s price has been held above $93,000, renewing optimism among numerous market analysts.
Ki Young Ju’s prior assessment from March 18 was upended by this recovery; at that time, it had been declared that the Bitcoin bull run was over as the price had struggled around $83,000. Several concerns had been raised by the CryptoQuant CEO, including contracting liquidity, waning ETF inflows, and the failure of large trading volumes to breach the $100,000 resistance level.
After his bearish statement was issued, Bitcoin’s price was pushed further downward, eventually reaching $74,000 on April 7—a decline of 10% from the $82,000 level. Although a brief rebound above $82,000 was observed shortly afterward, Bitcoin’s movement was largely restricted to the lower end of the $80,000 range until the rally witnessed this week.
In his latest commentary, it was acknowledged by Ki that Bitcoin’s notable recovery had taken place; however, it was stressed that a confirmed bullish trend would not be recognized unless the price firmly surpasses the $100,000 threshold. It was indicated by him that ongoing analysis of on-chain data would be conducted over the next few weeks to assess whether the present momentum signals a true cycle reversal or simply reflects a short-lived rebound.
The difficulties of depending on cyclical on-chain indicators in a market often reacting unpredictably to news events, including political shifts, were emphasized by Ki. It was underlined by him that his method of analysis is centered mainly on fundamental supply and demand trends rather than being influenced by temporary price movements.
A more optimistic view regarding Bitcoin’s ongoing upward trend has been expressed by other leading analysts, contrasting with Ki’s cautious stance. It has been pointed out by market expert Miles Deutscher that Bitcoin has maintained a long-term upward trajectory since 2022 and is still considered to be within a bull market.
It has been explained by Deutscher that the recent pullback was merely a retreat to a key support level, which had been consistently aligned with the “Paradise Money Noodle” indicator — an indicator that has repeatedly provided a foundation for price surges over the past two years.
A revision of his outlook has been made by veteran trader Peter Brandt in response to the latest market rebound. It had earlier been cautioned by Brandt that Bitcoin could still face risks despite breaking major resistance levels. However, it was now suggested by him that the recent recovery might signal the continuation of the broader bullish trend.
