Featured image from Decrypt, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Amidst the recent Bitcoin pullback from its previous all-time high above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that the BTC\u00a0bull market is far from over.\u00a0 Bitcoin Bulls Are Not Done In a recent X (formerly Twitter) post, Ju expressed strong bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin\u2019s upward trajectory is likely to continue. The Crypto Quant CEO shared a crucial indicator depicted in a price chart, showcasing the percentage of Realized Cap across four age bands for BTC.\u00a0 Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x According to data from the price chart, the observed trends from the Realized Cap of four age bands from 6 months to three years indicate a positive outlook for BTC in 2024.\u00a0 Additionally, the CEO has stated that the primary catalyst behind Bitcoin\u2019s rise to new all-time highs is the success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin halving event in April.\u00a0 After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching heights not witnessed since its previous bull run in 2021. The cryptocurrency rose to record highs, surpassing $73,000 previously, but experienced a major pullback of about 8.33% over the past week. At the time of writing, Bitcoin\u2019s price is below $70,000, trading at $67,225, according to CoinMarketCap. Ju has revealed possibilities for even more declines, predicting a potential price drop of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this event to happen, new whales, particularly ETF buyers, will have to enter the Bitcoin market at $56,000 on average.\u00a0 While this outlook may seem bleak, the Crypto Quant founder has also expressed strong belief in the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows.\u00a0\u00a0 Retail Investors Still Making Their Way Into The Market Reinforcing his belief that \u201cBitcoin is still in the middle of the bull cycle,\u201d Ju asserts that the cryptocurrency\u2019s cyclic top has not yet been breached. The CEO suggested that more price upswings were still set for Bitcoin, as retail investors have not fully entered the market yet.\u00a0\u00a0 Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB According to the Crypto Quant founder, only 50% of retail investors have entered the market, indicating the halfway point towards \u201cBitcoin euphoria\u201d. This suggests that if more retail investors flood the market, BTC could potentially rise to new peaks, driven by increased demand and capital inflows.\u00a0 Echoing Ju\u2019s convictions about Bitcoin\u2019s long-term price increase, Bitcoin analyst Willy Woo encourages investors to embrace the dip during the present consolidation phase. The analyst confidently asserts that \u201cthis is not the top,\u201d but rather a simple period of consolidation reminiscent of previous all-time highs.\u00a0 BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com Featured image from Decrypt, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":599030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86213,656,679,1119,89185,1122,1144,78790],"class_list":["post-599016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-market","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
Don\u2019t Panic: The Bitcoin Bull Market Is Far From Over, Quant Says<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n