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- CryptoQuant CEO Young Ju, stated that Bitcoin might be showing bearish prices for the next 6-12 months.
- Bitcoin’s recent trading activity suggests the cryptocurrency entering a consolidation phase.
The crypto market has been seemingly entering a consolidation phase over the past few days. The lack of significant action has caused FUD among investors, which has, in turn, initiated a selling spree among short-term traders. Meanwhile, the ETF sector and crypto reserves still show increased activity despite the price slack.
Notably, to confirm investors’ worst fears, CryptoQuant CEO Ki Young Ju posted a Bitcoin prediction a few hours ago. According to the prediction, Ju states that Bitcoin’s bull cycle is officially over. He further noted that for the next 6 to 12 months, we can expect bearish or sidewise prices.
The community has given much attention to this speculation, discussing it fervently. The CryptoQuant CEO has applied a PCA-risk indicator to on-chain metrics such as MVRV and SOPR. Using this he calculated a 365-day moving average and by identifying inflection points confirmed his analysis.
Furthermore, Ki Young Ju also said that with fresh liquidity drying up, new whales are selling their Bitcoin for lower prices. This further acts as a catalyst for bearish trends in the cryptocurrency. BTC is currently trading at the consolidated price of $83,000.
Will Bitcoin’s $80K Consolidation Persist For Longer?
Over the past week, Bitcoin has been trading in the $80K – $85K range. It has attempted several times to break the $86,000 resistance but failed to do so. In the last 24 hours, the cryptocurrency has factored in an additional price drop of 0.21%.
This caused Bitcoin to trade at the border of $82K-$83K levels, after struggling to hold the $83K support. At the time of writing, BTC was trading at 82,991 as per CMC data. Zooming out, into its weekly chart, the digital asset recorded trading at $80,354 in the week’s beginning.
These inferences further confirm the cryptocurrency’s consolidation. Combining this with the CryptoQuant CEO’s prediction, Bitcoin might face extended periods of trading at this current price range. Meanwhile, other altcoins such as Solana and Cardano have also shown struggles in breaking resistance.
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