In the midst of recent Bitcoin pullback from its previous record above $73,000, Ki Young Ju, founder and chief executive officer (CEO) of Crypto Quant, reassure the crypto community wider than BTC The bull market is far from over.
Bitcoin bulls are not over
In a recent post on X (formerly Twitter), Ju expressed strong bullish sentiment towards Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory will likely continue. The CEO of Crypto Quant shared a crucial indicator represented on a price chart, showing the percentage of Realized Cap across four age groups for BTC.
According to price chart data, observed Realized Cap trends from four age groups from 6 months to three years indicate a Positive outlook for BTC in 2024.
Furthermore, the CEO stated that the main catalyst behind Bitcoin’s rise to new all-time highs is the success of Spot Bitcoin ETFinstead of the next Bitcoin halved event in April.
After introduction of Spot Bitcoin ETFsBitcoBTCin embarked on an exponential rally, reaching levels not seen since its previous bull run in 2021. The cryptocurrency reached record highs, exceeding $73,000 previously, but experienced a major pullback of around 8.33% last week. At the time of writing, Bitcoin’s price is below $70,000, trading at $67,225, according to CoinMarketCap.
Ju revealed possibilities for even more falls, predicting a potential 50% price drop for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO stated that for this event to happen, new whales, especially ETF buyers, will have to enter the Bitcoin market for an average of $56,000.
While this outlook may seem bleak, the founder of Crypto Quant also express strong belief in the continuation of the BTC bull market, dependent on sustained momentum in ETF flows.
Retail Investors Still Entering the Market
Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle”, Ju states that the cryptocurrency cyclical top has not yet been breached. The CEO suggested that further price increases were still in the cards for Bitcoin as retail investors have yet to fully enter the market.
According to the founder of Crypto Quant, only 50% of retail investors have came in the market, indicating the halfway point to “Bitcoin euphoria”. This suggests that if more retail investors flood the market, BTC could potentially reach new highs, driven by increased demand and capital inflows.
Echoing Ju’s convictions about Bitcoin’s long-term price rise, Bitcoin analyst Willy Woo encourages investors to embrace diving during the current consolidation phase. The confident analyst states 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
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.