The Bullish Trend of Bitcoin Continues, Says CryptoQuant CEO
The co-founder and CEO of CryptoQuant, Ki Young Ju, believes that despite Bitcoin’s sudden drop below $43,000, the cryptocurrency is still in a bullish trend with more room for growth. Based on key metrics used by CryptoQuant, Ju suggests that Bitcoin has significant upside potential.
Bitcoin’s Negative Correlation with the Stock Market
Ju points out that Bitcoin has recently displayed a negative correlation with the S&P 500 index, indicating that it is behaving more like a store of value such as gold rather than a risk-on tech stock. This shift in correlation further strengthens Bitcoin’s position as a digital form of gold.
The Start of the Current Bull Market Cycle
Ju identifies the official start of the current Bitcoin bull market cycle back in August when large crypto whales began aggressively going long near the $29,000 mark. This suggests that institutional investors have been actively accumulating Bitcoin at lower price levels.
Retail Investors Yet to Enter the Market
Another reason to remain bullish on Bitcoin is that retail investors have not yet significantly entered the crypto markets with their liquidity. This means that larger players cannot efficiently exit their positions, providing stability to the market.
Bitcoin Price and Conclusion
As of now, Bitcoin is trading at $43,786, showing a 5.2% increase in the last 24 hours. Despite recent volatility, CryptoQuant CEO Ki Young Ju remains optimistic about Bitcoin’s future potential and its role as a store of value.
Hot Take: The Continued Bullish Trend of Bitcoin
Despite its recent drop in price, Bitcoin continues to display a bullish trend according to CryptoQuant CEO Ki Young Ju. With a negative correlation to the stock market and the absence of significant retail investor participation, Bitcoin’s position as a store of value is becoming more prominent. This suggests that there is still room for growth in the cryptocurrency market.
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