CryptoQuant's CEO, Ki Young Ju, has indicated that on-chain data suggests a resurgence of the Bitcoin (BTC) bull market.
Ju stated that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which monitors investor sentiment phases, has returned to bullish territory after a brief dip into bearish conditions.
Most #Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days. https://t.co/L7FAQVYIMP pic.twitter.com/K65U8DV8gy
— Ki Young Ju (@ki_young_ju) August 9, 2024
Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days.
Ju believes that the bull market remains intact based on this data. However, he notes that if the market doesn’t recover in the next two weeks, he may have to reassess his stance.
Following smart money trends, Ju suggests that if he is wrong, it means the new whales are either misguided or have underestimated the macro environment.
Recently, Ju highlighted that 404,448 Bitcoin had been transferred to permanent holder addresses over a 30-day period, indicating strong accumulation.
He predicts that within a year, some entities—be it TradFi institutions, companies, governments, or others—will announce that they’ve acquired Bitcoin in Q3 2024. Retail investors, he believes, will regret not buying it due to concerns over issues like the German government selling, Mt. Gox, or other macroeconomic factors.
On Monday alone, U.S.-listed spot BTC ETFs recorded more than $250 million in outflows—the third straight day of withdrawals—suggesting a shift in sentiment as investors reassess their exposure.
In an effort to broaden its investor base, the ARK 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 stock split on June 16, making shares more affordable for everyday investors.
Following a 6.4% pullback from its record high of $111,980, Bitcoin has stirred debate among analysts about what comes next.
Japanese investment firm Metaplanet has made another bold move in the crypto space, acquiring 1,088 more Bitcoins in its latest purchase, and pushing its total holdings to 8,888 BTC—valued at over $930 million at current prices.