Ki Young Joo has announced a timeframe for the resumption of the Bitcoin rally.
Ki Young Ju, CEO of the analytics company CryptoQuant, stated that the situation on the crypto market is worse than expected, and a resumption of Bitcoin growth is possible only in a few months.
According to the expert, dollar liquidity is shrinking, risky assets are being sold, and this trend is likely to continue over the next six months.
“We could still see a sharp rebound to around $100,000, but if that level isn't broken, the likelihood of a new, lower low forming increases,” the analyst explained.
Ki Young Joo added that he is not an expert in macroeconomics, so he relies on the opinions of experienced specialists, in particular Luke Gromen.
The latter argues that the US fiscal deficit is excessively large and foreign demand for government bonds has weakened. When liquidity returns next year, scarce assets like gold and Bitcoin should begin to rise.
Ki Young Joo noted that he agrees with Gromen's position on this issue. Until liquidity returns, the market will be subject to sharp fluctuations, and any short-term recovery should be assessed with an eye on macroeconomic indicators.
Earlier, trader and analyst Peter Brandt stated that Bitcoin would not reach the $200,000 mark by the end of the year; the leading cryptocurrency would only be able to surpass it by 2029.
Source: cryptonews.net
