CryptoQuant CEO Identifies Level Bitcoin Must Claim to Confirm It Has Re-entered Bull Territory

Amid the current Bitcoin recovery push, CryptoQuant CEO has identified a level the crypto firstborn must recover to trigger a shift in his stance.Notably, Bitcoin has made an impressive rebound following nearly two months of bearish movement, prompting renewed discussions around the current market cycle. The flagship crypto rallied this week, gaining 2.71% on Monday, April 21, and soaring by another 6.83% on Tuesday, April 22. This surge pushed BTC beyond $90,000 for the first time in over a month, peaking at $94,700a level not seen in seven weeks. Despite a minor 0.43% drop today, Bitcoin has managed to hold above $93,000, reigniting bullish sentiment among several top analysts.Ki Young Ju's Previous Commentary CryptoQuant CEO Ki Young Ju called attention to this recovery, which appears to go against his earlier stance that the Bitcoin bull run is over. Recall that Young Ju made this assertion on March 18 as Bitcoin battled the $83,000 mark. At the time, he noted that although he previously championed a bullish narrative for two years, the recent trend of fading liquidity, reduced ETF inflows, and large volumes failing to break the $100,000 resistance were signals that the bull run was over. After his commentary, Bitcoin continued its bearish performance, eventually crashing to $74,000 on April 7, a 10% drop from the $82,000 mark. Although BTC recovered above $82,000 shortly after, it remained range-bound at the lower ends of the $80,000 mark before the recent rally.Update: Bitcoin Needs to Break $100KAmid this rally, Ki has shared an update today. He noted that although BTC has risen beyond his earlier projection, he remains unconvinced of a confirmed bull trend unless the price breaks above $100,000. Until then, he plans to continue analyzing on-chain data over the coming weeks to assess whether the current momentum reflects a true cycle reversal.https://twitter.com/ki_young_ju/status/1915001569638256692Notably, he stressed that there are complexities of using cyclical on-chain indicators in a market that often reacts unpredictably to news events, including political developments. According to him, his long-term focus remains on supply and demand patterns, rather than short-term price action.Other Analysts Remain Bullish on the Bitcoin Recovery Meanwhile, other analysts have expressed stronger confidence in Bitcoin's upward trajectory. Market commentator Miles Deutscher highlighted that Bitcoin has not broken its long-term uptrend since 2022, asserting that the asset remains firmly in a bull run.

Bitcoin 1W Chart | Miles Deutscher

He pointed out that the previous dip merely retraced to a key support area, which aligned with the "Paradise Money Noodle" indicator, a zone that has consistently acted as a foundation for price rebounds over the past two years.Veteran trader Peter Brandt, who had previously advised caution even as Bitcoin broke key resistance levels, has also adjusted his stance in light of the latest rally. Brandt now sees the recovery as a potential continuation of the broader bullish trend.Further, market analytics firm Glassnode reported that April saw strong engagement from first-time Bitcoin buyers. The Relative Strength Index has stayed above 50 this month, briefly reaching 100 the previous week before settling at an elevated level of 80 on April 23. However, Glassnode also cautioned that Bitcoin still faces resistance ahead. Its Cost Basis Distribution data shows that a substantial number of investors, holding around 392,000 BTC, acquired their holdings near the $97,000 level. As prices approach this zone, some may choose to exit at break-even, creating potential selling pressure. If Bitcoin breaches this level, it might face minimal resistance on the path to $100,000, which would confirm Ki Young Ju's change of stance to bullish. Currently, Bitcoin trades for $93,085.https://twitter.com/glassnode/status/1914982591029039311

Text source: The Crypto Basic

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