CryptoQuant CEO Predicts a Powerful Bitcoin Bull Run Driven by Institutions
The CEO of market intelligence firm CryptoQuant, Ki Young Ju, believes that the involvement of blue-chip financial institutions in Bitcoin (BTC) could lead to the biggest bull run yet. According to Ki Young Ju, the entry of traditional finance (TradFi) into the crypto market is expected to accelerate and enhance the next Bitcoin bull cycle. TradFi firms have recently gained exposure to BTC through the approval of spot market BTC exchange-traded funds (ETFs), enabling investors to access BTC without directly purchasing the digital asset.
While Ki Young Ju acknowledges that Bitcoin is currently experiencing a short-term correction, he remains optimistic about its long-term prospects. He shares a Fibonacci extension analysis from pseudonymous crypto analyst Nunya Bizniz, which suggests that Bitcoin could potentially dip to the $35,000 level before resuming its upward trajectory. Traders commonly use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks.
Hot Take: The Entry of Traditional Finance Could Ignite a Powerful Bitcoin Bull Run
The involvement of blue-chip financial institutions in Bitcoin has the potential to trigger an explosive bull run in the cryptocurrency market. With recent approval for spot market BTC exchange-traded funds, traditional finance firms are gaining exposure to BTC without having to directly purchase it. This increased participation from TradFi is expected to accelerate and enhance the next Bitcoin bull cycle. While there may be short-term corrections along the way, industry experts remain confident in Bitcoin’s long-term growth potential. As more institutional players enter the space, the stage is set for a faster and more spectacular bull run than ever before.
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