Following Monday’s crypto market crash, a host of assets have seen their value plummet. Yet, some analysts don’t expect long-lasting effects. When it comes to Bitcoin, one expert predicts that it could hit a new all-time high if BTC stays above the $45,000 level.
The leading cryptocurrency was one of the hardest hit from this week’s crash. However, CryptoQuant CEO Ki Young Ju has discussed how there could be a key metrics that point to a massive rebound. Such a rally would be the second record increase for Bitcoin this year.
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Bitcoin Could Still Hit Another All-Time High in 2024 Despite Recent Crash
This year had proven to be massive for Bitcoin. The asset became the first crypto to receive ETF approval in the United States. Moreover, institutional interest caused the price to skyrocket since January. However, that halted this week, when a $2 trillion stock market crash threatened the cryptocurrency sector.
Yet, the leading crypto may not be in dire straights. Bitcoin has been predicted by one expert to reach a new all-time high this year if it can stay above te $45,000 mark. Specifically, Ki Young Ju discussed metrics that solidify the potential it still has.
“Some indicators are showing bearish signals,” the CEO said. “However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two.” He added that if a decreased price continues, “the risk of bear market grows, and recovery may be difficult if it lasts over a month.”
As long as the #Bitcoin price stays above $45K, it could break its all-time high again within a year, imo.
— Ki Young Ju (@ki_young_ju) August 6, 2024
Some indicators are showing bearish signals. However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two.
If it… https://t.co/FnqafcQcjp pic.twitter.com/fJiM2btQeF
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Bitcoin is currently down more than 1.7% in the last 24 hours, according to CoinMarketCap. Over the last seven days, the asset has dropped almost 17%, and is currently trading at $55,692. That level has it still maintaining hopes for a sustained time frame at $45,000.
If the forecast is proven correct, Bitcoin will set all-time highs for the second time this year. In March, Bitcoin surged to $73,000 on the heels of its ETF hype. That is set to continue in the coming weeks. Morgan Stanley recently allowed financial advisors to pitch the investment product. That should only increase institutional interest.
