CryptoQuant’s CEO, Ki Young Ju, believes Bitcoin (BTC) is still in a bull market and its peak is far from being reached. He shared his perspective on X (formerly Twitter), pushing back against predictions of an imminent bear market.
Whale Watching: No Longer News
Ju points out that the massive accumulation of Bitcoin by whales, once a market-shaking event, is now commonplace. This routine accumulation, he argues, is a strong indicator of a continuing bull market. He notes that billions of dollars are flowing into the market weekly. The fact that whale buying no longer causes significant market reactions further supports his view.
No Bubble in Sight
Ju dismisses the idea that Bitcoin is currently in a bubble. He defines a bubble as a situation where the market price far surpasses the actual capital inflow. He doesn’t see this happening with Bitcoin. While he acknowledges potential corrections, he expects any drop to be relatively short-lived and limited to around 30%, followed by further price increases.
The Bear Market Prediction Challenge
Ju challenges those predicting a bear market to explain their reasoning, given the current on-chain data and continued whale accumulation. He reiterates his belief that the Bitcoin cycle top is still a considerable distance away.
Bitcoin’s Current Price:
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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