Breaking News: CryptoQuant CEO Warns About A Possible BTC Crash To $77K

On one end, BTC is accused of manufacturing price as the token operates in a tight range despite the heavy inflow of institutional funds. On the other end, the CEO of CryptoQuant believes that a crash is coming. For the last two weeks, crypto prices have been operating in a tight band between $93,000 and $98,000. As a result, traders are uncertain about the next move.  

Meanwhile, a recent move by FTX to pay back its creditors using tokens has put added pressure on the market. This has caused some concern in the market. As a result, the CEO of CryptoQuant, Ki Young Ju, has warned the market that a possible crash might be ahead. As per the CEO, the currency’s price might fall as low as $77K without breaking the current bull cycle.  

BTC is being traded for $96,369 and has shown little to no movement in the last 24 hours. This compelled the CEO to believe BTC could experience a 30% course correction from its all-time high of $110K. As per Young, this drop would align the currency to previous bull market trends. However, Young added that the prices would recover. However, there would be some turbulence going forward.  

Cost Basis Levels For BTC 

Ki Young Ji highlighted some critical support levels based on cost-basis data for BTC. Therefore, understanding these levels can help investors better clarify what is happening with the coin. One key support level for BTC ETFs is the $89,000 cost basis. This level has remained very important for the token since November 2024. Meanwhile, the average entry price for BTC in Binance is around $59,000.  

As a result, the mining breakeven point is located somewhere around $57,000. Historically speaking, dropping below this value can trigger bear movement. As it was seen in November of 2018, May of 2022, and March of 2020. Meanwhile, the cost basis for old whales is around $25,000, a level BTC never breached.   

The current RSI of BTC is somewhere around 42. This suggests a bearish movement. Therefore, expect to see some fluctuations as BTC tries to recover amidst all the favorable regulatory changes.