CryptoQuant CEO Ki Young Ju has shared crucial insights into Bitcoin’s (BTC) current market position, stating that the cryptocurrency still has room to grow before reaching its cycle peak. While some experts foresee a potential downturn, Ju argues that these predictions conflict with on-chain data, which suggests a strong bull market trajectory.
On-Chain Data Confirms Bull Market Continuation
Ju emphasized that Bitcoin has been in a bull market for the past two years, supported by significant on-chain activity. Weekly inflows of approximately $7 billion into the market highlight Bitcoin’s robust trend. This sustained momentum signals that the bull market is far from over, even amidst occasional market corrections.
According to Ju, the ongoing inflows and market resilience demonstrate Bitcoin’s long-term potential, making it unlikely that the current cycle is nearing its end. Corrections may occur, but they should be viewed as part of the broader upward trend.
Whale Accumulation and Market Impact
Large investors, or whales, continue to increase their Bitcoin holdings, further fueling the bull market. Ju noted that while whale movements once caused market shocks, these actions have now become routine. This normalization of whale behavior reflects their confidence in Bitcoin’s growth and supports the ongoing upward momentum.
Ju dismissed the idea that Bitcoin is in a bubble, explaining that for a bubble to form, the market value of an asset must surpass the capital inflows supporting it. Bitcoin’s current market capitalization remains aligned with its underlying capital, dispelling fears of an imminent collapse.
Bitcoin’s Path to the Cycle Peak
While some may anticipate a peak or decline, Ju firmly believes that Bitcoin is not close to its cycle peak. Even if the market faces a correction, Bitcoin is expected to recover swiftly. At present, Bitcoin is trading at $96,387, with a 1.9% drop in the last 24 hours.
Investors can leverage on-chain data and whale activity insights to make more informed decisions. For the latest updates and expert analyses, stay connected with Dey There, your trusted source for crypto insights.
