Despite Bitcoin’s recent dip, CryptoQuant CEO Ki Young Ju believes the bull market is far from over.
Correction Underway
Ju says Bitcoin is currently undergoing a short-term correction after reaching an all-time high of nearly $74,000 in March. He warns that the correction could continue down to $51,000, based on historical trends.
Bull Market Not Over Yet
Ju believes Bitcoin has not yet reached its peak in this cycle. He points to the fact that retail investors have not fully entered the market and that the demand for Bitcoin exchange-traded funds (ETFs) is still growing.
ETF Surge, Not Halving, Fueled Rally
Ju attributes the recent surge in Bitcoin’s price to the launch of ETFs, not the upcoming halving event. He says the halving’s impact will be felt after it takes place, as miners’ costs will double, pushing them to maintain higher prices for profitability.
Current Price and Outlook
At the time of writing, Bitcoin is trading at $63,685, slightly down from the previous day. Ju remains optimistic about Bitcoin’s future, stating that the bull market is still in progress.
