According to PANews, CryptoQuant CEO Ki Young Ju expressed his belief that Bitcoin will not enter a bear market this year and remains in a bull market cycle. He anticipates that Bitcoin's price will eventually rise, although it may experience significant fluctuations. Ju suggested that even if the price drops 30% from a historical high, such as $110,000, to $77,000, the bull market cycle could persist, aligning with past market trends. Additionally, he noted that Strategy's (formerly MicroStrategy) Bitcoin cost benchmark is $65,033.
Earlier today, it was reported that the cost basis for Bitcoin in ETFs or custodial wallets is $89,000.