The crypto market has been on a rollercoaster ride lately, with Bitcoin (BTC) taking a hit. On July 4th, BTC dropped below $60,000, and continued to slide down to $54,000.
Government Bitcoin Sales: Impact Overestimated
Ki Young Ju, CEO of CryptoQuant, believes that the impact of government sales of seized BTC has been exaggerated. He analyzed data showing that only a small portion (less than 5%) of the $224 billion that has entered the market since 2023 came from government-seized BTC.
Long-Term Bullish Outlook
Despite the recent dip, Young Ju remains optimistic about Bitcoin’s long-term prospects. He believes that the bull cycle is still ongoing and could reach its peak at around $112,000.
Current BTC Price
As of writing, BTC has recovered slightly to $56,400, but is still down by 6% in the past week.
