Bitcoin Unlikely to Enter Bear Market in 2023, Says CryptoQuant CEO
- Bitcoin’s cost basis is $95,000, with ETFs/Custody Wallets at $89,000.
- Binance Traders’ cost basis is $59,000, while Mining Companies are at $57,000.
- Historical bear markets were confirmed when prices fell below the mining companies’ cost basis.
- Old Whales have a never-breached cost basis of $25,000.
- MicroStrategy holds Bitcoin with a cost basis of $65,033 and owns $45.91 billion worth.
Ki Young Ju of CryptoQuant suggests Bitcoin will not enter a bear market this year. Historical data shows that falling below the mining companies’ cost basis has previously signaled bear markets. Currently trading at $95,930, Bitcoin remains nearly 12% down from its all-time high.
Source (2.6)https://dailyhodl.com/2025/02/20/dont-expect-bitcoin-bear-market-this-year-according-to-cryptoquant-ceo-heres-why/?rand=59076
