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CryptoQuant Founder and CEO Ki Young Ju has walked again his bearish prediction after the Bitcoin price broke out above $100,000. This transfer has taken your entire market unexpectedly after requires decrease costs dominated the crypto area for the previous few months. As sentiment has moved again into the constructive, Young has turned bullish, explaining the change in his stance and what’s going on with the market proper now.
Bitcoin Bull Cycle Is Not Over
In an X post, CEO Ki Young Ju defined how the present market has deviated from the earlier cycles. For one, he explains that the market is now not reliant on previous Bitcoin whales, retail buyers, and miners to maneuver the market. This was once the best way to know the cycle high, which was when previous whales and miners had been offloading their luggage. However, the market has managed to maneuver on, and the Bitcoin value is now higher positioned to soak up giant sell-offs with out problem.
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Young explains that this may be attributed to how numerous the market has develop into to date. The introduction of Spot Bitcoin ETFs, which had been authorized by the Securities and Exchange Commission (SEC) again in 2024, have opened up new avenues for liquidity. Now, it’s not solely new retail buyers taking part in the sector, but additionally institutional buyers who’ve been given an avenue to enter the market, and with a lot bigger pockets.
This new and substantial flow of liquidity has made it in order that even sell-offs from giant whales are now not impacting the Bitcoin value the best way they used to. Thus, the CEO believes that it’s time to actually shift focus from the previous to the brand new.
Given this variation within the tide, the CryptoQuant CEO said that it could be time to throw out the cycle concept. This is due to the modifications in liquidity stream, as sources have develop into extra unsure. “Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs,” Young defined.
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Nevertheless, he nonetheless posits that the present market isn’t flashing a transparent bearish or bullish sample with regards to the profit-taking cycle. As he explains, the market remains to be sluggish round absorbing all the new liquidity coming from the totally different sources and indicators are nonetheless “hanging around the borderline.”
As for the Bitcoin value, it continues to show strength after crossing $100,000, as bulls eye new all-time highs above $109,000. Investor profitability has additionally skyrocket and a whopping 99% of all Bitcoin holders are actually sitting in revenue, in response to data from IntoTheBlock.
Featured picture from Dall.E, chart from TradingView.com
