CryptoQuant: BTC could crash to $ 70,000

The founder of CryptoQuant, Ki Yun Ju, claims that even a sharp decline in the bitcoin rate BTC $104,747.58 Bitcoin -2.12% Market capitalization $2.07 trillion VOL. 24 hours $3.7 billion to $ 70,000 after an attempt to reach the $ 100,000 level will not mean the end of its growth. Thus, such corrections can be «healthy» for the market.

The analyst noted that during previous bull cycles, bitcoin has already lost up to 30% of its value, which did not prevent its further growth. For example, in 2021, BTC temporarily dropped from $ 64,000, but later recovered its position.

The expert urged investors not to panic during such corrections, as they are part of the natural market dynamics.

«Bitcoin remains a deflationary asset with a limited issue. Regular halvings (a decrease in the number of new coins) contribute to the growth of the cryptocurrency in the long run,» he said.

The crypto expert also emphasized that risk management is key for crypto investors, and time is their main ally.

According to his forecasts, the current bull cycle of bitcoin, which began after the 2024 halving, will continue, and temporary price declines should not be taken as a sign of the end of this stage.

The analyst supported his opinion with charts that demonstrate the cyclical nature of BTC’s movement.

He recalled that the current trajectory of bitcoin is in line with its previous cycles, when the cryptocurrency reached new highs.

At the time of writing, bitcoin’s price has reached $ 5,573, its market capitalization is $ 1.89 trillion, and daily sales have reached $ 71 billion.

Earlier, DonAlt, a popular cryptocurrency analyst, warned of a possible significant collapse in the value of bitcoin if it fails to exceed $ 100,000. According to the expert, the price decline could trigger a new stage of correction, which could bring bitcoin down to $ 80,000.