Bitcoin Bull Market Returns, Says Crypto Expert
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.
READ MORE:
Bitcoin Faces Crucial Test as It Dips Below Key Moving AverageFollowing 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Data-Anchored Tokens (DAT) and ERC-8028: The Native AI Asset Standard for the Decentralized AI (dAI) Era on Ethereum
If Ethereum is to become the settlement and coordination layer for AI agents, it will need a way to represent native AI assets—something as universal as ERC-20, but also capable of meeting the specific economic model requirements of AI.
Who decides the fate of 210 billions euros in frozen Russian assets? German Chancellor urgently flies to Brussels to lobby Belgium
In order to push forward the plan of using frozen Russian assets to aid Ukraine, the German Chancellor even postponed his visit to Norway and rushed to Brussels to have a working meal with the Belgian Prime Minister, all in an effort to remove the biggest "obstacle."
The "Five Tigers Competition" concludes successfully | JST, SUN, and NFT emerge as champions! SUN.io takes over as the new driving force in the ecosystem
JST, SUN, and NFT are leading the way, sparking increased trading and community activity, which is driving significant capital inflows into the ecosystem. Ultimately, the one-stop platform SUN.io is capturing and converting these flows into long-term growth momentum.
Trending news
MoreCrypto prices
More
