- According to Ki Young Ju, the head of CryptoQuant, on-chain data indicates that the Bitcoin (BTC) bull market is returning.
On the social media site X, the CEO of the analytics company informs his 361,000 followers that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which monitors shifts in investor sentiment, has returned to a bullish state following a brief period of decline.
The majority of Bitcoin on-chain cyclical indicators that were indicating a bull market but were close to the border have now moved back. Bitcoin was only on sale for three days.
Ju says he thinks the bull market is still going strong based on the statistics. He does, however, caution that he might reevaluate his assessment if the market doesn’t rebound in the following two weeks.
If I’m mistaken, it suggests the new whales are either misinformed or underestimating the macroenvironment since I follow the wise money.
According to a recent study by Ju, there was a noticeable accumulation as 404,448 Bitcoin were transferred to permanent holder addresses in just 30 days.
A number of organizations, governments, businesses, or TradFi (traditional finance) institutions will declare in the third quarter of 2024 that they have purchased Bitcoin.
And retail investors will punish themselves for not purchasing it because they were preoccupied with whatever macroeconomic nonsense was going on, like the German government selling or Mt. Gox.
As of this writing, the price of Bitcoin is $61,093.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
