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Bitcoin (BTC) 
$104,652 is unlikely to enter a negative market phase throughout 2024. Ki Young Ju, CEO of crypto analysis firm CryptoQuant, forecasts continued upward momentum based on price movements and cost fundamentals. The analysis highlighted strong support within the current price range, emphasizing the stability across various investor groups.
Understanding Bitcoin’s Cost Fundamentals and Price Dynamics
CryptoQuant’s analyses focused on the average cost levels experienced by Bitcoin investors. The average cost of Bitcoin assets held in ETFs and custody wallets was determined to be $89,000. For exchange users, this average stands at $59,000, while mining companies have an average cost around $57,000.
Historical data confirmed that when prices dip below these cost levels, the market tends to follow a negative trajectory. Additionally, it was noted that the cost level for older investor groups is around $25,000, a threshold that Bitcoin has never reached historically. The average Bitcoin cost for institutional investor MicroStrategy is reported to be $65,033, indicating that these levels significantly influence Bitcoin’s price movements.
Current Bitcoin Price Trends and Future Expectations
As of now, Bitcoin is trading at $95,930, experiencing an increase of over 2% in the past 24 hours, despite a slight pullback for the week. This price is approximately 12% lower than its all-time high of $108,786.
Ki Young Ju stated that Bitcoin could experience a broad price range through 2025. However, based on past data, he expressed confidence that no significant drop would occur in 2024. He believes Bitcoin could maintain its upward trend even if it declines by 30% from its all-time high.
Overall market dynamics, institutional positions, and cost fundamentals play a crucial role in Bitcoin’s price movements. Investors are continuing to monitor market trends based on historical cycles.
