As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market ups and downs. And based on the latest analysis from industry experts like Ki Young Ju and Travis Kling, I believe we’re still in the bull market for Bitcoin. Yes, it’s true that we’ve had some significant corrections along the way, but these are normal in any bull market cycle.
As a cryptocurrency analyst, I’d interpret Ki Young Ju’s perspective by saying: Based on my analysis of the current market trends as the founder and CEO of CryptoQuant, I believe Bitcoin, being the leading cryptocurrency, remains in a bull market.
Despite undergoing numerous major price drops throughout this market trend, the cryptocurrency now stands 14% lower than its record high of $73,737, which it hit in March after the successful introduction of various exchange-traded funds.
Ju characterized the present price dynamics as uneventful, expressing his view that it offers a profitable chance for investors. In his opinion, this is the propitious moment for “whales” (large-scale investors) to begin amassing Bitcoin.
I’ve analyzed a chart provided by Ju, and according to the Garman-Klass Realized Volatility indicators, the leading cryptocurrency is exhibiting unusually low market activity.
As a financial analyst, I’ve observed that Bitcoin’s price peaked at an impressive intraday high of $63,694 based on CoinGecko’s latest figures. At present, however, Bitcoin is being traded around $63,182, representing a 2.8% growth over the previous 24-hour period.
Travis Kling from Ikigai Asset Management has explained that the recent market correction is understandable given concerns about a surplus of supplies.
Some well-known analysts hold the view that the cryptocurrency has not yet reached its maximum value. For example, Tom Lee of Fundstrat is still confident in his forecast of $150,000.
According to U.Today’s report, renowned commodity trader Peter Brandt anticipates Bitcoin reaching a peak of $150,000 during this market cycle. Yet, he also entertains the notion that Bitcoin might fail to set a new record and instead drop down to $55,000.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
- Dogecoin (DOGE) on Rise? All You Need to Know This Week
- Terraform Labs Reveals Key Update On Crypto Loss Claims Voting
- USD PHP PREDICTION
- Major Dogecoin Downtrend Might Finally Be Over
2024-07-01 20:54