Bitcoin (BTC) and altcoins experienced another sharp decline after US President Donald Trump announced that new customs duties for Canada and Mexico would come into effect on March 4 as planned.
While BTC fell by 7.7% in the last 24 hours to $79,000, Ethereum (ETH) fell to $2,100.
With the declines, the Fear and Greed Index, which measures the sentiment among Bitcoin and cryptocurrency investors, fell to the level of extreme fear, and questions began to be asked among investors: “Is the bull run over? Has the bear run begun?”
At this point, CryptoQuant CEO Ki Young Ju, who stated in his previous posts that the bull market is not over and that it is too early to worry, updated his predictions after the last decline.
CryptoQuant CEO X stated in his post that the BTC bull cycle will continue as long as it does not fall below $ 75,000, and that the critical level in the bull-bear cycle is $ 75,000.
The famous CEO argued that the bullish expectation for Bitcoin continues and that a 30% decline is normal and healthy in bull cycles, and that the current bull cycle is not over.
Ju said that if BTC drops significantly below $75,000, the bull cycle may be over.
“I am a bull. The bull cycle is not over.
30% drops are normal in a bull cycle. If Bitcoin price drops significantly below $75k at this point, I would be wrong.
I have not changed my stance; I have been consistent about the bull cycle and the 30% probability of a correction.”
Ju lastly stated that he expects BTC to consolidate in a wide range such as $75,000 to $100,000 as in early 2024, and predicted that the rise will begin if positive news attracts new liquidity.
Watch Out for the Weekend in Bitcoin!
BitMEX co-founder Arthur Hayes warned investors that they are expecting a further decline in Bitcoin in the short term.
Stating that BTC will experience a sharper decline this weekend, Hayes stated that the price will fall below $80,000.
Arthur Hayes said that Bitcoin remains in a downtrend and is making lower lows. “We are making lower lows in this current wave of declines. I was risk-averse this morning, but looking at Bitcoin’s price action, I think there will be another big wave below $80,000. That drop will most likely happen this weekend!”
Hayes also predicted in his post a few days ago that BTC could fall to the $70,000 to $75,000 range if US President Donald Trump does not take positive steps.
*This is not investment advice.
