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.
Bitcoin demonstrated resilience this week, recording a 2.71% gain on Monday, April 21, followed by a significant 6.83% surge on Tuesday, April 22. This upward momentum propelled Bitcoin above the $90,000 mark for the first time in nearly a month, peaking at $94,700 — a level not seen in seven weeks. Although Bitcoin experienced a slight 0.43% pullback today, it has held its price above $93,000, renewing optimism among numerous market analysts.
This recovery upended Ki Young Ju’s prior assessment from March 18; at that time, he declared the Bitcoin bull run over as the price struggled around $83,000. The CryptoQuant CEO raised several concerns, including contracting liquidity, waning ETF inflows, and large trading volumes failing to breach the $100,000 resistance level.
After he issued his bearish statement, Bitcoin’s price fell further, eventually reaching $74,000 on April 7—a 10% decline from the $82,000 level. Although Bitcoin briefly rebounded above $82,000 shortly afterward, it largely stayed near the lower end of the $80,000 range until this week’s rally.
Ki Recognizes Bitcoin’s Strong Rebound
In his latest commentary, Ki acknowledged Bitcoin’s notable recovery but stressed that a confirmed bullish trend would require the price to firmly surpass the $100,000 threshold. He indicated that he would continue analyzing on-chain data over the next few weeks to assess whether the present momentum signals a true cycle reversal or simply reflects a short-lived rebound.
Ki emphasized the difficulties of depending on cyclical on-chain indicators in a market that often reacts unpredictably to news events, including political shifts. He underlined that his analysis method centers mainly on fundamental supply and demand trends rather than being influenced by temporary price movements.
Other leading analysts have expressed a more optimistic view regarding Bitcoin’s ongoing upward trend, contrasting with Ki’s cautious stance. Market expert Miles Deutscher pointed out that Bitcoin has maintained a long-term upward trajectory since 2022 and still remains within a bull market.
Deutscher explained that the recent pullback was merely a retreat to a key support level, which consistently aligned with the “Paradise Money Noodle” indicator—an indicator that has repeatedly provided a foundation for price surges over the past two years.
Veteran trader Peter Brandt revised his outlook in response to the latest market rebound. He had earlier cautioned that Bitcoin could still face risks despite breaking major resistance levels. However, he now suggests that the recent recovery might signal the continuation of the broader bullish trend.
