The midst of the recent Bitcoin pullback Ki Young Ju (CEO and founder) has taken Crypto Quant to a new high of $73,000. reassures The BTC community is a part of a larger crypto-community. bull market is far from over.
Bitcoin Bulls are not done
Ju highlighted factors in a recent X post (formerly Twitter), that indicate that Bitcoin is likely to be a strong asset. Bitcoin’s upward trajectory is likely to continue. Crypto Quant’s CEO, Michael Levy, shared an important indicator in a BTC price chart. This shows the percent of realized cap across four bands.
The data on the chart shows that the trends observed in the four age groups from 6 months up to 3 years, as shown by the Realized cap of the prices, indicate the following: positive outlook for BTC in 2024.
The CEO also has a broader range of responsibilities. stated Bitcoin’s new highs are largely due to the rise of Bitcoin. Spot Bitcoin ETFInstead of the next Bitcoin halving Event in April
Following the introduction of Spot Bitcoin ETFsBitcoBTCin has embarked upon an exponential rise that has reached heights it had not seen since 2021, when its last bull run took place. The cryptocurrency reached record-breaking highs. surpassing $73,000 The price of Bitcoin has dropped by 8.33% in the last week. According to CoinMarketCap, Bitcoin is currently trading below $70,000 at a price of $67,225.
Ju revealed possibilities for even more declinesPredicting a possible price drop of 50 percent for cryptocurrency in the event of a maximum drawdown 30 percent. For this to happen, the CEO stated, it is necessary for new whales to enter into the Bitcoin market, especially ETF buyers.
Although this may appear bleak to some, Crypto Quant’s founder also has a positive outlook. expressed BTC Bull Market: Strong Belief contingent upon the sustained momentum of ETF inflows.
Retail investors are still buying into the Market
He is adamant about his beliefs. “Bitcoin is still in the middle of the bull cycle,” Ju declares that cryptocurrency’s cyclic top The CEO has yet to breach the law. The CEO suggested Retail investors are still not in the market, so there will be more Bitcoin price increases.
Crypto Quant’s founder believes that only 50% of retail traders have invested in cryptocurrency. entered Market, signifying the mid-point towards “Bitcoin euphoria”. BTC’s price could rise by new peaks if retail investors flood into the market. This is due to increased capital and demand.
Willy Woo shares Ju’s optimism about Bitcoin’s future price rise and encourages investors. embrace the dip During the current consolidation phase. Analyst confidently asserts You can also find out more about us here. “this is not the top,” It is more of a period of consolidation, reminiscent of past all-time highs.
BTC bulls start to take control again | Source: BTCUSD on Tradingview.com
Featured picture from Decrypt. Chart by Tradingview.com
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