The recent gain in Bitcoin has given many optimism, but CryptoQuant CEO Ki Young Ju is unsure how to prove a bull market. Ki is cautious as Bitcoin’s price soared beyond $90,000 and reached $94,700. He expects a market shift when Bitcoin breaks $100,000. He is not market-bullish till then. Learn why this price point matters and what it signifies for Bitcoin’s future.
Ki Young Ju’s Cautious Stance Amid Bitcoin’s Recovery
Ki Young Ju’s cautious stance to Bitcoin’s comeback is evident. He declared the bull run over in March, citing dwindling liquidity and the failure to break $100,000. Despite Bitcoin’s recent surge, Ki argues the price must go over $100,000 to start a new bull market. His study uses on-chain data to examine supply and demand over time rather than price changes.
The $100,000 Level: Bitcoin’s Critical Test
Months of attempting have gone into Bitcoin’s price aiming to reach $100,000. It’s crucial for displaying a long-term bull trend since people view this price level as a mental wall. If Bitcoin breaks this level, it might signal a new market phase, attracting more buyers and boosting optimism. However, prior trends demonstrate how difficult this breakthrough is. Ki considers $100,000 the best benchmark of Bitcoin’s long-term development.
Bullish Sentiment from Other Analysts
Ki is cautious, but other experts are more optimistic. Market expert Miles Deutscher believes Bitcoin is on a long-term rise despite recent price drops. He believes the current loss is a natural adjustment before a rebound. After being cautious, seasoned trader Peter Brandt now views the bounce as a likely continuation of the uptrend. These analysts believe Bitcoin’s roots are robust and the market will rise.
Why on-chain data matters for Bitcoin’s future
Ki Young Ju uses on-chain data to better understand Bitcoin’s future. News and other outside variables can quickly influence the market, but Ki is more concerned in liquidity patterns and investor behaviour. Long-term fundamental indications are more dependable than short-term price movement, he believes. It’s crucial to monitor Bitcoin’s movements before proclaiming a market change.
Resistance at $97,000: The Next Hurdle
What investors think of $97,000 might make Bitcoin’s return harder. Glassnode reports several purchasers bought Bitcoin at this price. As the price approaches this level, some may sell, creating resistance. This might hinder Bitcoin’s $100,000+ milestone. Ki must be wary as the market pushes its boundaries due to this selling pressure.
Conclusion
Bitcoin’s price recent increase is impressive, but Ki Young Ju remains concerned. The $100,000 price level is his bull market indication. Market optimism will remain cautious until Bitcoin breaks this level. The next two weeks are crucial for Bitcoin. How it handles future issues will decide its future.
