The co-founder and CEO of market intelligence firm CryptoQuant says he believes leading financial institutions getting involved in Bitcoin (BTC) could trigger the biggest bull run yet.
In a new thread, Ki Young Ju tells his 332,000 followers on the social media platform X that he expects an explosive Bitcoin bull cycle using traditional finance (TradFi).
TradFi companies have increased their involvement with the crypto king with the recent approval of BTC Exchange-Traded Funds (ETFs) in the spot market, which give investors exposure to BTC through exchange platforms without having to actually purchase the digital asset.
“As TradFi enters the market, the next bull run is expected to be faster and more spectacular than before.”
The CEO too say he believes that Bitcoin is currently experiencing a short-term correction but will eventually skyrocket.
He shares a Fibonacci extension analysis from popular pseudonymous crypto analyst Nunya Bizniz indicates the highest crypto asset by market cap could fall to the $35,000 level.
“This TA (technical analysis) fits my story: short-term correction, then only upwards. The maximum absorption could be around 30%.”
Says Nunya Bizniz,
“Using trend-based Fib ext (Fibonacci extensions) to guess the target of a potential local pullback. Three of [the] over the past four years it has bottomed out at about 23.6%. $35,000 would be a 30% withdrawal. Enough to satiate the bears?
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines.
Bitcoin is trading at $39,776 at the time of writing, up slightly in the past 24 hours.
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