Cryptoquant CEO Ki Young Ju remains confident that bitcoin will not enter a bear market in 2025, even if its price drops 30% from recent highs. He highlights historical cost-basis trends and institutional support as key factors sustaining bitcoin’s bull cycle.
Cryptoquant CEO: Bear Market Only Possible if Bitcoin Falls Below $57,000
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin Bull Market Intact Despite Potential 30% Drop
Bitcoin’s bull market is far from over, even if prices drop significantly, according to Cryptoquant‘s CEO Ki Young Ju. According to his X thread, he believes that a 30% pullback to $77,000 from an all-time high of $110,000 would not necessarily signal a bear market.
Young Ku shared key onchain data to support this outlook. So far in 2025, the bitcoin cost basis for ETFs and custody wallets stands at $89,000, while Binance traders hold at $59,000, and miners at $57,000.
Historically, falling below the miner cost basis has signaled bear market conditions, which previously occurred in May 2022, March 2020, and November 2018. Young Ku said,
I don’t think we’ll enter a bear market this year. We’re still in a bull cycle. I think that the bull cycle could continue even with a 30% dip from ATH, as seen in past cycles.
Compared to 2024, the cost basis has increased across the board, reflecting stronger institutional support. Strategy (formerly Microstrategy) maintains its bitcoin holdings with a cost benchmark of $65,033, further reinforcing the belief that the market remains in a bullish phase.
Despite potential volatility, Cryptoquant’s data suggests that bitcoin’s long-term uptrend remains intact, supported by institutional investments and historical patterns.
