6 months ago
Amidst the recent Bitcoin pullback from its erstwhile all-time precocious supra $73,000, Ki Young Ju, the laminitis and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto assemblage that the BTC bull marketplace is acold from over.
Bitcoin Bulls Are Not Done
In a caller X (formerly Twitter) post, Ju expressed beardown bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory is apt to continue. The Crypto Quant CEO shared a important indicator depicted successful a terms chart, showcasing the percent of Realized Cap crossed 4 property bands for BTC.
According to information from the terms chart, the observed trends from the Realized Cap of 4 property bands from 6 months to 3 years bespeak a positive outlook for BTC successful 2024.
Additionally, the CEO has stated that the superior catalyst down Bitcoin’s emergence to caller all-time highs is the occurrence of the Spot Bitcoin ETF, alternatively than the upcoming Bitcoin halving lawsuit successful April.
After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked connected an exponential rally, reaching heights not witnessed since its erstwhile bull tally successful 2021. The cryptocurrency roseate to grounds highs, surpassing $73,000 previously, but experienced a large pullback of astir 8.33% implicit the past week. At the clip of writing, Bitcoin’s terms is beneath $70,000, trading astatine $67,225, according to CoinMarketCap.
Ju has revealed possibilities for adjacent much declines, predicting a imaginable terms driblet of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this lawsuit to happen, caller whales, peculiarly ETF buyers, volition person to participate the Bitcoin marketplace astatine $56,000 connected average.
While this outlook whitethorn look bleak, the Crypto Quant laminitis has besides expressed beardown content successful the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows.
Retail Investors Still Making Their Way Into The Market
Reinforcing his content that “Bitcoin is inactive successful the mediate of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not yet been breached. The CEO suggested that much terms upswings were inactive acceptable for Bitcoin, arsenic retail investors person not afloat entered the marketplace yet.
According to the Crypto Quant founder, lone 50% of retail investors person entered the market, indicating the halfway constituent towards “Bitcoin euphoria”. This suggests that if much retail investors flood the market, BTC could perchance emergence to caller peaks, driven by accrued request and superior inflows.
Echoing Ju’s convictions astir Bitcoin’s semipermanent terms increase, Bitcoin expert Willy Woo encourages investors to embrace the dip during the contiguous consolidation phase. The expert confidently asserts that “this is not the top,” but alternatively a elemental play of consolidation reminiscent of erstwhile all-time highs.
Featured representation from Decrypt, illustration from Tradingview.com
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