CryptoQuant CEO Ki Yong Ju believes that despite several major corrections, Bitcoin remains in a bull market.
Currently, Bitcoin is trading around $62,850, down nearly 14% from its historical peak of $73,737 reached in March following significant inflows into spot ETFs.
Ju characterizes the current price action as “boring,” suggesting it’s an excellent opportunity for investors to accumulate Bitcoin. He notes that market activity is very low based on Garman-Klass realized volatility indicators.
#Bitcoin market is boring with less volatility.
= Less interest from both buyers and sellers.
= Retail exit liquidity not ready.
= Ideal time for whales to accumulate
$BTC
.
= We’re still in a bull cycle. Boring is an opportunity.
pic.twitter.com/zccHAbOOHA
-Ki Young Ju (@ki_young_ju)
July 1, 2024
Yesterday, Bitcoin managed to reach a peak of $63,694, and at the time of writing, it is trading at $62,850.
Read more:
Historically, Bitcoin may recover starting in July.
Travis Kling of Ikigai Asset Management mentioned that the recent correction is understandable due to concerns about oversupply. Meanwhile, some analysts believe that Bitcoin has not yet reached its peak.
Tom Lee of Fundstrat still predicts that Bitcoin could reach $150,000. Similarly, commodity trader Peter Brandt also forecasts that Bitcoin could peak at $150,000 in this market cycle.
However, Brandt notes that there is still a possibility that Bitcoin may not reach a new peak and could decline to around $55,000.
