Bitcoin Bull Market Far From Over, Says CryptoQuant CEO
The chief executive of analytics platform CryptoQuant believes that the bull market for Bitcoin (BTC) is far from over, despite the recent dip in prices after reaching new all-time highs. According to Ki Young Ju, Bitcoin has yet to reach its cycle top and is currently undergoing a short-term correction.
Bitcoin Correction and Potential Price
- Ki Young Ju warns that the correction may continue and bring Bitcoin’s price as low as $51,000.
- He bases this prediction on historic corrections seen in previous bull market cycles.
“Bitcoin is still in the middle of the bull cycle. The current correction may bring the price down to $51,000 if there is a maximum drawdown of 30%. Additionally, new whales, which are ETF buyers, entered the market at an average price of $56,000,” says Ki Young Ju.
Bitcoin Surge Due to ETFs
- Ki Young Ju believes that the recent surge in Bitcoin’s price is primarily due to the launch of ETFs and significant inflows into these funds.
- He states that the impact of the expected April halving event will be felt after it takes place.
“The Bitcoin market is fueled by spot ETFs rather than the halving event. After the halving, mining expenses will double, pushing miners to keep prices at certain levels for profitability. The direct cost per coin will rise to approximately $37,000. However, at the current price of $63,000, it’s no longer a problem for them,” explains Ki Young Ju.
Hot Take: Bitcoin Bull Market Continues
Despite the recent dip in Bitcoin’s price, the CEO of CryptoQuant is confident that the bull market is still ongoing. Here’s why:
1. Short-Term Overheating
Ki Young Ju points out that the Bitcoin market shows signs of short-term overheating, indicating that the current correction is just a temporary setback.
2. Not the Cyclical Top Yet
According to Ki Young Ju, Bitcoin has not reached its cyclical top. He believes that retail investors have not fully entered the market yet, and the demand for Bitcoin exchange-traded funds (ETFs) needs to be monitored.
3. Correction Underway
The current correction in Bitcoin’s price is part of the natural market cycle. Ki Young Ju predicts that if there is a maximum drawdown of 30%, the price could potentially drop to $51,000. He also mentions that new whales, which are ETF buyers, entered the market at an average price of $56,000.
“Bitcoin is still in the middle of the bull cycle. The current correction may bring the price down to $51,000 if there is a maximum drawdown of 30%. Additionally, new whales, which are ETF buyers, entered the market at an average price of $56,000,” says Ki Young Ju.
In conclusion, despite the recent dip in prices, Ki Young Ju believes that Bitcoin’s bull market is far from over. He points out that the current correction is just a temporary setback and that Bitcoin has yet to reach its cyclical top. The launch of ETFs and significant inflows into these funds have fueled Bitcoin’s recent surge. While the April halving event is expected to have an impact on Bitcoin’s price, Ki Young Ju suggests that the effects will be felt after the event takes place. Overall, he remains optimistic about the future of Bitcoin and its potential for further growth.
By
By
By