As a seasoned crypto investor with a decade of market fluctuations under my belt, I find myself increasingly optimistic about Bitcoin’s short-term prospects. The recent price recovery, coupled with Ki Young Ju’s reassuring words, has added fuel to the fire of my belief that we are still in the midst of a bull run.
The recent increase in Bitcoin‘s price has sparked renewed confidence among its community about its near future, with many analysts forecasting an imminent price spike for BTC. After the market recovery, the CEO of CryptoQuant, a leading on-chain data provider, Ki Young Ju, has encouraged crypto investors by stating that the Bitcoin bull run is ongoing, hinting at potential price increases in the coming months.
As a crypto investor, I’ve been closely following the insights shared by CryptoQuant CEO and founder, Ki Young Ju. His latest analysis shows a positive outlook for Bitcoin, based on his investigation into both bullish and bearish on-chain activities of this digital asset.
Bitcoin Poised For Gains As Bull Market Is Still Intact
Highlighting strong on-chain performances of Bitcoin (BTC), Ju first noted the upward trend in BTC’s hashrate, moving closer to its record peak. He is optimistic that the hashrate will sustain this level unless the price of BTC drops significantly below the current mining costs in the United States, which are approximately $43,000 per BTC.
As an analyst, I’d like to highlight another positive trend: the increase in Bitcoin holdings among both established and new investors. Over the past month, there has been a notable surge of approximately 404,000 Bitcoins held by permanent holders, and about 40,000 Bitcoins in US Spot Bitcoin Exchange-Traded Funds (ETFs). This rise in accumulation, despite market volatility, underscores the growing confidence in Bitcoin.
One way to rephrase this paragraph for easier understanding is:
In terms of bearish trends, Ju highlights forced liquidations due to macroeconomic risks. He particularly mentions large cryptocurrency deposits made by Jump Trading and Binance, which have hit a new peak for the year so far in daily deposits.
He added that several on-chain indicators are showing bearish sentiment, probably due to the crash during the weekend. While these indicators are at the borderline, the CryptoQuant CEO believes a market rebound may be difficult if negative trends continue for more than two weeks.
Based on these recent trends, Ju remains convinced that the bull market is still ongoing. Yet, should the market fail to recover within the next fortnight, it may prompt him to revise his view. He further stated, “I tend to align with the shrewd investors, so if I’m mistaken, it implies that the new major players are either misinformed or underestimating the broader economic context.”
BTC Rebound Nears Total Completion
Despite experiencing a significant drop to approximately $50,000 following the recent weekend downturn, Bitcoin is showing signs of approaching a full price recovery. Notably, renowned cryptocurrency analyst and trader, Doctor Profit, suggests that this digital asset may be on the verge of completing its rebound, with all negative predictions seemingly vanishing suddenly.
Based on the analysis of experts, Bitcoin has experienced a surge exceeding 17% in the last 3 days, leaving just 2% more increase before fully recovering from the significant drop it suffered on Monday.
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2024-08-08 08:41