CryptoQuant founder names conditions for Bitcoin's bullish trend

CryptoQuant founder Ki Young Ju explained who is putting pressure on the cryptocurrency market and identified factors that could allow Bitcoin to continue to rise.

Ki Young Ju noted significant pressure from large Bitcoin holders. So-called whales began selling billions of dollars' worth of BTC when Bitcoin reached $100,000. This created an oversupply of the world's leading cryptocurrency, contributing to Bitcoin's 20-30% correction from its all-time high of $126,025, the businessman suggested.

Given the sell-off in Bitcoin by large investors, Zhu is confident that the 2024-2025 crypto bull run has already peaked and given way to a bearish trend. However, Zhu currently believes that a further market decline will not occur thanks to the large influx of funds from companies like Strategy, which regularly purchases BTC for long-term storage and is considered the largest corporate holder of Bitcoin. If large companies had no demand for Bitcoin, the crypto market would have remained in the red for a long time, said the founder of CryptoQuant.

Significant inflows into Bitcoin exchange-traded funds (ETFs) could also delay the onset of a bearish trend. If Strategy stops buying Bitcoin or reduces its purchase volumes, and if capital inflows into Bitcoin ETFs slow, cryptocurrency sellers will once again dominate the market, Zhu suggested. In his view, now is the right time to buy Bitcoin.

Ki Young Ju previously predicted the rise of censorship-resistant, shadow stablecoins as token issuers come under greater regulatory scrutiny.

Source: cryptonews.net