Bitcoin Bull Market Returns, Says Crypto Expert
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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.
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