In the middle of the recent Bitcoin pullback from the previous all-time high above $73,000, said Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that has the BTC The bull market is far from over.
Bitcoin bulls aren’t done yet
In a recent post on Bitcoin’s upward trajectory is likely to continue. The CEO of Crypto Quant shared a crucial indicator, displayed on a price chart, that shows the percentage of Realized Cap across four age categories for BTC.
According to price chart data, the observed trends of the realized limit of four age categories from six months to three years indicate a positive outlook for BTC in 2024.
Moreover, the CEO declared that the main catalyst behind Bitcoin’s rise to new all-time highs is the success of the Discover Bitcoin ETFinstead of the next one Bitcoin halving event in April.
After the introducing Spot Bitcoin ETFsBitcoBTCin started an exponential rally and reached heights not seen since the previous bull run in 2021. The cryptocurrency rose to record highs, more than $73,000 previously, but suffered a major pullback of about 8.33% this past week. At the time of writing, Bitcoin’s price is under $70,000, at $67,225 according to CoinMarketCap.
Ju revealed possibilities for even more declines, predicting a potential 50% price drop for the cryptocurrency if a maximum withdrawal of 30% occurs. The CEO has stated that for this event to happen, new whales, specifically ETF buyers, will have to enter the Bitcoin market at an average of $56,000.
While these prospects seem bleak, so has the founder of Crypto Quant expressed strong belief in the continuation of the BTC bull market, depending on the continued momentum of ETF inflows.
Retail investors are still finding their way to the market
Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle,” Ju claims that the cryptocurrency cyclical top has not yet been violated. The CEO suggested that more Bitcoin price increases are still planned as retail investors have not yet fully entered the market.
According to the founder of Crypto Quant, only 50% of retail investors have this entered the market, indicating that it is halfway through “Bitcoin euphoria.” This suggests that as more retail investors flood the market, BTC could potentially soar to new highs, driven by increased demand and capital inflows.
Echoing Ju’s beliefs about Bitcoin’s long-term price appreciation, Bitcoin analyst Willy Woo encourages investors to do so too embrace the dip during the current consolidation phase. The analyst confident claims that “this is not the top,” but rather a simple period of consolidation reminiscent of previous all-time highs.
BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com
Featured image of Decrypt, chart from Tradingview.com
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