Bitcoin On-Chain Metrics Pointing Towards Bull Market, CryptoQuant CEO Observes
Bitcoin On-Chain Indicators Point to Bull Market Recovery, CryptoQuant CEO Notes
The latest insights from CryptoQuant’s head, Ki Young Ju, suggest a positive shift in Bitcoin’s on-chain indicators, signaling a return to the bull market. Ju shared with his social media followers that CryptoQuant’s Bitcoin bull-bear market cycle indicator, monitoring investor sentiment phases, has reverted to a bullish stance after a brief dip into bearish territory.
Ju emphasized, “Most Bitcoin on-chain cyclical indicators previously on the edge have now transitioned to indicating a bull market. BTC remained undervalued for just three days.” This shift in indicators aligns with Ju’s belief that the bull market remains intact. However, he mentioned that a failure of the market to recover within the next two weeks could lead him to reassess his conclusion.
“I follow the smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment,” Ju remarked. Recent data shared by Ju highlighted a significant movement of 404,448 Bitcoin to permanent holder addresses over a 30-day period, a clear indication of accumulation.
Ju also predicted, “Within a year, various entities, be it TradFi institutions, companies, governments, or others, will disclose their acquisition of Bitcoin in Q3 2024.” He added that retail investors might regret not entering the market due to concerns about external factors such as the German government’s actions or macroeconomic uncertainties.
As of the latest update, Bitcoin is trading at $61,093.
In conclusion, the data-driven analysis by CryptoQuant’s CEO suggests a positive outlook for Bitcoin’s market trajectory, emphasizing the importance of on-chain indicators in understanding market dynamics and investor sentiment.
