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Cryptoquant founder and CEO Ki Young Ju has declined his Bearish prediction after the Bitcoin -price broke out $ 100,000. This step has surprised the entire market after calling for lower prices the crypto space dominated in recent months. While sentiment has gone back to the positive, Young Bullish has become and the change in his posture and what has now been explained with the market.
Bitcoin Bull Cycle is not over yet
In one XCEO Ki Young Ju explained how the current market deviated from the previous cycles. First, he explains that the market is no longer dependent on old bitcoinwalfissen, retail investors and miners to move the market. In the past this was the way to know the Cyclustop, that was then old whales and miners unloaded their bags. However, the market has succeeded in going further and the Bitcoin price is now better positioned to absorb large sale without problems.
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Young explains that this can be attributed to how diverse the market has become so far. The arrival of Spot Bitcoin ETFsThose in 2024 were approved by the Securities and Exchange Commission (SEC), have opened new roads for liquidity. Now it is not only new retail investors playing the field, but also institutional investors who have had a way to enter the market, and with much larger bags.
This new and substantial liquidity flow has made it so that even sale of large whales no longer influence the Bitcoin price as they used to. The CEO therefore believes that it is time to shift the focus from the old to the new.
In view of this change in the tide, the CEO of the cryptoquant stated that it might be time to throw away cycles theory. This is due to the changes in the liquidity flow, because sources have become more uncertain. “Now, instead of worrying about old sales of whales, it is more important to concentrate on how much new liquidity comes from institutions and ETFs, because this new inflow can outweigh even strong whale sale,” Young explained.
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Nevertheless, he still states that the current market does not flash clearly arary or bullish pattern when it comes to the profit cycle. As it explains, the market is still slow around absorbing all the new liquidity that comes from the various sources and indicators are still “around the border”.
Regarding the Bitcoin price, it continues to show strength after exceeding $ 100,000, because Bulls Eye is new all-time highlights above $ 109,000. The profitability of investors is also up and no less than 99% of all Bitcoin holders are now in profit facts From IntotheLock.
Featured image of dall.e, graph of tradingview.com