CryptoQuant CEO Ki Young Ju is bullish on Bitcoin, claiming that on-chain data is pointing towards a return to a bull market.
Bullish Signals
Ju’s analysis suggests that Bitcoin’s on-chain indicators, which track investor sentiment, have shifted back to bullish territory after a brief dip into bear territory.
“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market,” Ju said on X. “BTC was discounted for only three days.”
A Two-Week Deadline
While Ju believes the bull market is still intact, he’s setting a two-week deadline for confirmation.
“I follow the smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment,” he explained.
Accumulation Confirmed
Ju recently reported that over 400,000 Bitcoin have been moved to permanent holder addresses in the past 30 days, a clear sign of accumulation.
“Within a year, some entities – whether they’re TradFi (traditional finance) institutions, companies, governments, or others – will announce that they’ve acquired Bitcoin in Q3 2024,” he said. “And retail investors will regret not buying it because they were worried about the German government selling, Mt. Gox, or whatever macroeconomic shit was going on.”
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $61,093.
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. /p>
