Despite Bitcoin’s recent significant drop, Cryptoquant’s founder, Ki Young Ju, has found reason for optimism.
He highlights the increase in hash rates and growing miner activity as key factors that could signal a potential price surge for Bitcoin in the near future.
While Bitcoin saw a notable decline in February, falling to $85,000 from its previous highs and losing 10% of its value, Ju remains bullish. He points to the steady rise in Bitcoin’s hash rate, which recently hit an all-time high of 936.64 EH/s, as an indicator of growing investment in the network’s security.
The founder suggests that when network security investment slows down, it may signal that Bitcoin has absorbed enough capital, marking a good time to sell.
Despite the price downturn, the number of Bitcoin miners continues to grow, approaching the 5 million mark. Ju also stresses that investment in Bitcoin’s network has never ceased in the past 16 years, reinforcing his belief that Bitcoin could still experience a rally.
However, challenges remain, as 59,000 Bitcoin options, worth $4.68 billion, expired recently, casting doubt on any immediate price recovery. Additionally, Bitcoin ETF outflows amounted to $3.5 billion in February, leaving analysts uncertain about the future trajectory. Some investors, however, are optimistic, hoping that upcoming announcements could drive a positive market shift.
As Bitcoin continues to consolidate above $100K, a critical market signal is flashing: BTC funding rates remain elevated, even as price action cools.
Billionaire investor Ray Dalio, founder of Bridgewater Associates, has suggested that a balanced investment portfolio should include up to 15% allocation to gold or Bitcoin, though he remains personally more inclined toward the traditional asset.
With Bitcoin hovering near $119,000, traders are weighing their next move carefully. The question dominating the market now is simple: Buy the dip or wait for a cleaner setup?
Bitcoin has officially reached the $116,000 milestone, a level previously forecasted by crypto services firm Matrixport using its proprietary seasonal modeling.