Ki Young Ju, CEO of CryptoQuant, has shared insights on Bitcoin’s potential price trajectory.
Max Pain Price Level
Ju believes Bitcoin could drop to a “max pain” range of around $51,000 before the bull market continues. This is based on historical price patterns, which typically see a maximum drawdown of around 30% during bull markets.
Slowing ETF Netflows
Ju notes that net inflows of capital into spot Bitcoin ETFs have slowed down, indicating that sellers may be gaining ground. This suggests that demand may rebound if the price approaches critical support levels.
Selling Pressure from Large Holders
CryptoQuant’s data shows that large Bitcoin holders, including miners, have increased their selling activity. This adds to the potential for a correction.
Short-Term Holders Taking Profits
Ju also points out that shorter-term Bitcoin holders are selling at a rate not seen since May 2019. This suggests that traders are taking advantage of high-profit margins.
Current Price
At the time of writing, Bitcoin is trading at $67,184, up over 4% in the past day.
