Don’t Panic: The Bitcoin Bull Market Is Far From Over, Quant Says
21 März 2024 - 6:00PM
NEWSBTC
Amidst the recent Bitcoin pullback from its previous all-time high
above $73,000, Ki Young Ju, the founder and Chief Executive Officer
(CEO) of Crypto Quant, reassures the broader crypto community that
the BTC bull market is far from over. Bitcoin Bulls Are
Not Done In a recent X (formerly Twitter) post, Ju expressed strong
bullish sentiment regarding Bitcoin, highlighting factors that
suggest that Bitcoin’s upward trajectory is likely to continue. The
Crypto Quant CEO shared a crucial indicator depicted in a price
chart, showcasing the percentage of Realized Cap across four age
bands for BTC. Related Reading: Top 3 Solana Meme Coins To
Buy Amid The Bitcoin Crash That Could 10x According to data from
the price chart, the observed trends from the Realized Cap of four
age bands from 6 months to three years indicate a positive outlook
for BTC in 2024. Additionally, the CEO has stated that the
primary catalyst behind Bitcoin’s rise to new all-time highs is the
success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin
halving event in April. After the introduction of Spot
Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching
heights not witnessed since its previous bull run in 2021. The
cryptocurrency rose to record highs, surpassing $73,000 previously,
but experienced a major pullback of about 8.33% over the past week.
At the time of writing, Bitcoin’s price is below $70,000, trading
at $67,225, according to CoinMarketCap. Ju has revealed
possibilities for even more declines, predicting a potential price
drop of 50% for the cryptocurrency if a maximum drawdown of 30%
occurs. The CEO has stated that for this event to happen, new
whales, particularly ETF buyers, will have to enter the Bitcoin
market at $56,000 on average. While this outlook may seem
bleak, the Crypto Quant founder has also expressed strong belief in
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 belief that
“Bitcoin is still in the middle of the bull cycle,” Ju asserts that
the cryptocurrency’s cyclic top has not yet been breached. The CEO
suggested that more price upswings were still set for Bitcoin, as
retail investors have not fully entered the market yet.
Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take
Possession Of 23 Trillion SHIB According to the Crypto Quant
founder, only 50% of retail investors have entered the market,
indicating the halfway point towards “Bitcoin euphoria”. This
suggests that if more retail investors flood the market, BTC could
potentially rise to new peaks, driven by increased demand and
capital inflows. Echoing Ju’s convictions about Bitcoin’s
long-term price increase, Bitcoin analyst Willy Woo encourages
investors to embrace the dip during the present consolidation
phase. The analyst confidently asserts that “this is not the top,”
but rather a simple period of consolidation reminiscent of previous
all-time highs. BTC bulls begin to reclaim control | Source:
BTCUSD on Tradingview.com Featured image from Decrypt, chart from
Tradingview.com
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