Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle
01 Octobre 2024 - 7:30PM
NEWSBTC
The Bitcoin mid-September rally has slowed down leading up to the
end of the month. Although it ended September at a green monthly
candle close, the cryptocurrency has fallen below the psychological
$65,000 price mark again, with the fear and greed index returning
from greed to neutral sentiment. This seems to have caused some
second-guessing among Bitcoin investors. However, CryptoQuant CEO
Ki Young Ju is not entertaining any such thought. According to Ki
Young Ju, Bitcoin is still in the middle of a bull cycle. This is
positive news for Bitcoin investors, as the crypto industry is now
transitioning into a historically bullish fourth quarter of the
year. Bitcoin Bull Market Not Over CryptoQuant CEO Ki Young
Ju is part of fervent Bitcoin investors who remain unfazed by the
recent price fluctuations. However, his stance isn’t just based on
speculations but is backed by technical price data and analysis. Ki
Young Ju draws his bullish outlook on the Bitcoin growth rate
difference, which presents an interesting outlook on the
cryptocurrency. Essentially, the Bitcoin growth rate difference
compares the market cap of Bitcoin to its realized cap in order to
gauge its bullish or bearish strength. Related Reading: Shiba Inu
Price Could Jump 200% To $0.00006 In October, Here’s Why The market
cap of a cryptocurrency is the total value of all coins in
circulation, calculated by multiplying the current price by the
total supply. In contrast, the realized cap takes into account the
actual value paid for each BTC in circulation based on the price at
which each coin last moved. A higher market cap growth rate
suggests the spot price of the average coin has increased compared
to the last it was moved. According to a Bitcoin technical chart he
shared on social media platform X, Ki Young Ju noted that Bitcoin’s
market cap is still growing faster than its realized cap, which
continues to point to a bull cycle. Notably, the analyst has
mentioned in an earlier analysis of the growth rate difference that
this trend, which started in late 2023, typically lasts for an
average of two years. What Does This Mean For BTC? Going by
past bull cycle trends, which Ki Young Ju noted typically lasts for
about two years, Bitcoin is expected to continue in a bull cycle
for at least more than a year going forward. Furthermore, current
fundamentals point to steady growth for Bitcoin as inflows continue
to pour in from institutional investors. Related Reading: XRP Price
Ready For 4x Jump To $2.6 As Major Bullish Pattern Breaks Occurs
Speaking of institutional investors, Spot Bitcoin ETFs, which ended
last week with the largest inflow ($494.27 million) since July 22,
have begun the new week on a positive note. Particularly, they
registered $61.3 million in net inflows yesterday, which is a sign
of good things to come. Institutional involvement, especially
through vehicles like Spot Bitcoin ETFs, is a crucial factor in
BTC’s sustained price growth. At the time of writing, Bitcoin is
trading at $64,080. Featured image created with Dall.E, chart from
Tradingview.com
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Quant (COIN:QNTUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024