Ki Young Ju, the CEO of CryptoQuant, asserts that Bitcoin (BTC) still has significant potential for growth before it reaches its cycle peak. Contrary to predictions of an imminent bear market made by some, Ju highlights that current on-chain data does not support these claims, instead suggesting that Bitcoin is firmly situated in a bullish trend.
What Does On-Chain Data Reveal About Bitcoin?
According to Ju, Bitcoin has experienced a bull market for the last two years, with on-chain data indicating a weekly influx of $7 billion. This positive trend underscores the strength of the bull market and suggests that it is likely to remain intact for a considerable duration.
How Are Whales Impacting The Market?
Large-scale investors, commonly referred to as whales, are actively accumulating Bitcoin, a trend Ju describes as commonplace today. These movements, once seen as disruptive, have transitioned to predictable behavior that supports the ongoing bull market. Ju clarified that Bitcoin is not currently in a “bubble,” as its market value has not surpassed the capital influx necessary to generate one.
- Bitcoin remains in a robust bull market with strong on-chain data.
- Weekly inflows of $7 billion indicate solid market support.
- Whale accumulation is routine and contributes positively to market stability.
- Even with potential corrections, Bitcoin is expected to recover swiftly.
Currently, Bitcoin is priced at $96,387, having experienced a 1.9% decline in the past 24 hours. However, Ju’s analysis suggests that the cryptocurrency retains a strong potential for future growth, making it an opportune moment for strategic market engagement.