Amidst the recent Bitcoin pullback from its earlier all-time excessive above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto neighborhood that the BTC bull market is far from over.
Bitcoin Bulls Are Not Done
In a current X (previously Twitter) put up, Ju expressed sturdy bullish sentiment relating to Bitcoin, highlighting components that counsel that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared an important indicator depicted in a value chart, showcasing the share of Realized Cap throughout 4 age bands for BTC.
According to knowledge from the value chart, the noticed traits from the Realized Cap of 4 age bands from 6 months to a few years point out a positive outlook for BTC in 2024.
Additionally, the CEO has stated that the first catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, fairly than the upcoming Bitcoin halving occasion in April.
After the introduction of Spot Bitcoin ETFs, BitcoBTCin launched into an exponential rally, reaching heights not witnessed since its earlier bull run in 2021. The cryptocurrency rose to document highs, surpassing $73,000 beforehand, however skilled a serious pullback of about 8.33% over the previous week. At the time of writing, Bitcoin’s value is under $70,000, buying and selling at $67,225, in line with CoinMarketCap.
Ju has revealed possibilities for even more declines, predicting a possible value drop of fifty% for the cryptocurrency if a most drawdown of 30% happens. The CEO has acknowledged that for this occasion to occur, new whales, notably ETF consumers, should enter the Bitcoin market at $56,000 on common.
While this outlook could appear bleak, the Crypto Quant founder has additionally expressed sturdy perception within 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 perception that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not but been breached. The CEO suggested that extra value upswings have been nonetheless set for Bitcoin, as retail traders haven’t totally entered the market but.
According to the Crypto Quant founder, solely 50% of retail traders have entered the market, indicating the midway level in the direction of “Bitcoin euphoria”. This means that if extra retail traders flood the market, BTC might doubtlessly rise to new peaks, pushed by elevated demand and capital inflows.
Echoing Ju’s convictions about Bitcoin’s long-term value enhance, Bitcoin analyst Willy Woo encourages traders to embrace the dip in the course of the current consolidation part. The analyst confidently asserts that “this is not the top,” however fairly a easy interval of consolidation harking back to earlier all-time highs.
BTC bulls start to reclaim management | Source: BTCUSD on Tradingview.com
Featured picture from Decrypt, chart from Tradingview.com
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