CryptoQuant CEO Ki Young Ju, Bitcoin $96,653.7He stated that there is still a way for (BTC) to reach the cycle top. Ju stated that some experts predicted an upcoming bear market, but these predictions were contradicted by on-chain data. Pointing out that Bitcoin is progressing in the bull market, Ju said that a strong upward trend continues in this process.
Bull Market and On-Chain Data
Ju stated that Bitcoin has been in a bull market for the last two years. On-chain data shows that $7 billion enters the market weekly. This reveals that Bitcoin is in a strong trend and the bull market continues.
Ju stated that Bitcoin’s potential will continue with this strong flow and the market will move in this direction for a long time. He also emphasized that while there may be market corrections, Bitcoin is not nearing the end of its current cycle.
Impact of Whale Accumulations and Market Situation
Large investors in the cryptocurrency market, namely whales, are increasingly increasing their Bitcoin savings. Whale accumulations are now routine, Ju said. While the movements of whales caused great shock in the past 2-3 years, today this situation has become an expected and ordinary information. Ju stated that these savings support the bull market. He also stated that Bitcoin is not currently in a “bubble.” Ju said the bubble theory could apply if the market price of an asset exceeds the capital inflow. However, Bitcoin’s market value has not reached a level that would create a bubble.
Ju stated that Bitcoin is not close to the peak of the cycle and believes that even if such a decline occurs, it will recover in a short time. Investors in the cryptocurrency market can make more informed decisions with the influence of this on-chain data and whale savings. Bitcoin is currently trading at $96,387 and has lost 1.9% in the last 24 hours.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
