Bitcoin’s Bull Market Hinges on $94K Support Level, Says CryptoQuant CEO
The recent downturn in Bitcoin’s price has reignited fears of a potential bear market, but according to Ki Young Ju, CEO of CryptoQuant, the decisive line between bullish continuation and a bearish reversal lies at the $94,000 mark. While Bitcoin has recently dropped below $100,000 — a level that had been holding firm since May — Ju emphasizes that the market has not yet confirmed a shift into a bearish cycle.
Currently, Bitcoin is trading around $96,900, marking a 7.4% decline over the past week. This drop has intensified concerns among investors and traders as selling pressure escalates and market sentiment deteriorates. However, Ju cautions against jumping to conclusions based solely on short-term volatility. He argues that the structure of the market, particularly on-chain metrics, does not yet align with previous bear cycle patterns.
On-chain data highlights that a significant number of Bitcoin holders who entered the market six to twelve months ago have an average cost basis near $94,000. This price level, therefore, acts as a critical support zone — both psychologically and structurally. If Bitcoin maintains this level, it could serve as a launchpad for a renewed bullish move. However, should it break decisively below $94,000, it may signal a more profound shift in market dynamics, potentially initiating a prolonged bearish phase.
Ju underscores the importance of patience during periods of heightened volatility. He warns that reacting impulsively to price swings often leads to poor investment decisions. “The $94K level is the last line of defense,” he explains. “Unless we break below that, it’s premature to declare a bear market.”
Bitcoin’s weekly chart adds further weight to this analysis. The cryptocurrency is hovering around its 50-week moving average, which currently sits close to $95,000. Historically, this moving average has functioned as a pivotal support level during mid-cycle corrections. A confirmed weekly close below this threshold could indicate a momentum shift favoring the bears, possibly triggering a decline toward the $88,000–$90,000 range, where the 100-week moving average lies.
Despite the bearish signals, some indicators suggest that accumulation may be taking place. Spikes in trading volume during price declines often point to institutional buyers or long-term holders stepping in to absorb the sell-off. If Bitcoin can stabilize above $95,000 and reclaim the $100,000 level in the near term, the market could regain its upward momentum.
Moreover, current exchange flows do not reflect mass panic or capitulation. Miner behavior remains relatively stable, and long-term holders are not showing signs of widespread distribution — patterns often associated with market tops. This divergence between price action and on-chain fundamentals supports the idea of a consolidation phase rather than a full-blown bear market.
The broader macroeconomic environment also plays a crucial role. Rising interest rates, global geopolitical tensions, and shifting investor sentiment have contributed to increased volatility across all asset classes, including cryptocurrencies. Bitcoin, while often hailed as digital gold, has not been immune to these headwinds. However, its long-term fundamentals remain robust, with continued institutional interest and adoption trends providing underlying support.
Looking ahead, market participants will closely monitor the $94,000 support level. If this zone holds, it may build the foundation for a new bullish wave. If breached, however, it could invalidate the current market structure and confirm a bear cycle. As such, traders and investors are advised to approach the coming weeks with caution, focusing on long-term data rather than reacting to daily price fluctuations.
Adding to this cautious outlook are mixed signals from Bitcoin’s correlation with traditional assets. In 2025, Bitcoin’s year-to-date performance has lagged behind gold and equities, raising questions about its role as a safe-haven asset during uncertain times. This underperformance could either signal a temporary divergence or a longer-term shift in investor preferences.
Meanwhile, external developments such as Bitcoin ETFs experiencing outflows and increased miner inflows to exchanges — with $7 billion reportedly sent to Binance — further complicate the picture. While these movements may signify growing pressure to sell, they could just as easily represent repositioning strategies by larger players anticipating a market bottom.
In summary, while Bitcoin’s recent slip below $100,000 has stoked bearish concerns, the battle for $94,000 will likely determine the market’s next major direction. Until that level is convincingly breached, the bull market case remains intact — albeit fragile. Patience, disciplined analysis, and attention to structural signals rather than emotional reactions remain key to navigating this critical juncture in Bitcoin’s market cycle.