Summary Highlights:
- Bitcoin surged above $93,000 after hitting a seven-week high of $94,700.
- CryptoQuant CEO Ki Young Ju remains bearish until BTC crosses $100,000.
- Other analysts, including Miles Deutscher and Peter Brandt, see this rally as a sign of a continued bull market.
- The debate reflects broader uncertainty in crypto markets, especially around key resistance levels and on-chain trends.
Bitcoin Rallies—but $100K Is the Real Test, Says CryptoQuant CEO
Bitcoin has clawed its way back from April’s lows, with a sharp rally that saw the price breach $93,000 after peaking at $94,700 on Tuesday. This marked the highest point for the leading cryptocurrency in over seven weeks and sparked renewed optimism across the crypto market.
Despite this momentum, Ki Young Ju, CEO of CryptoQuant, remains skeptical. “Bitcoin must reach the crucial $100,000 barrier before I would change my pessimistic assessment of the current market cycle,” he stated. His caution stems from concerns dating back to March 18, when he publicly declared the bull run over as Bitcoin faltered near the $83,000 mark.
Ju pointed to critical red flags at the time, including weakening liquidity, declining ETF inflows, and the market’s consistent failure to break the $100,000 resistance. After his remarks, Bitcoin did slide to $74,000 by April 7, marking a 10% drop from the earlier $82,000 level. Though a short rebound followed, BTC remained locked in the low $80,000s until this week’s breakout.
In a more recent statement, Ju acknowledged Bitcoin’s “impressive recovery” but stressed that he remains unconvinced about a confirmed bull trend. He emphasized that unless Bitcoin breaks decisively above $100,000, the market could still be in a temporary bounce. His strategy continues to rely heavily on on-chain data and core supply-demand patterns rather than reactive short-term movements. “It’s hard to rely on cyclical on-chain indicators in a market that frequently responds unpredictably to news events,” Ju added.
Contrasting Views: Analysts Still See Bullish Momentum
While Ju urges caution, other analysts interpret the current surge as a strong bullish indicator. Market expert Miles Deutscher believes Bitcoin has maintained a long-term uptrend since 2022. He views the recent dip as a healthy retest of support, aligned with what he calls the “Paradise Money Noodle” indicator—a signal that has consistently marked the start of rallies over the past two years.
Veteran trader Peter Brandt has also adjusted his outlook following the latest price action. Once wary of Bitcoin’s resistance levels, Brandt now sees the rebound as potential confirmation that the overall bullish trend remains intact.
Conclusion: Market Awaits Confirmation Above $100K
As Bitcoin hovers in the mid-$90,000s, the debate over the direction of the crypto market heats up. Whether the current surge is the start of a new rally or a short-lived spike remains to be seen. One thing is clear: for Ki Young Ju and others, the $100,000 level is more than symbolic—it’s the real signal that the bulls are back.