Shagi
2024/07/02 01:25
Ki Young Ju, the founder and CEO of CryptoQuant, a
Ki Young Ju, the founder and CEO of CryptoQuant, a leading cryptocurrency analytics firm, has shared his insights on the current state of Bitcoin. Despite the flagship cryptocurrency experiencing multiple significant corrections during this cycle, Ju remains optimistic. In fact, he has described the current price action as "boring," suggesting that it presents an opportunity for investors to accumulate Bitcoin.
Ju's comments come as Bitcoin continues to trade below its all-time peak of $73,737, reached in March following the successful launch of several exchange-traded funds. The cryptocurrency is currently down 14% from its peak, but Ju believes that this dip is a buying opportunity.
A chart shared by Ju shows that Bitcoin is experiencing extremely low market activity, based on the Garman-Klass Realized Volatility indicators. This suggests that the market is relatively quiet, with few traders taking action. Ju believes that this is the perfect time for whales (large investors) to start accumulating Bitcoin.
At the time of writing, the Bitcoin price had reached an intraday high of $63,694, according to CoinGecko data. The price has since retreated slightly, but is still up 2.8% over the past 24 hours, currently trading at $63,182.
Ju's comments suggest that he expects the price of Bitcoin to increase in the future, driven by demand from long-term holders. Historically, the price of Bitcoin has increased after halving events, and with the next halving event approaching, Ju may be expecting a similar price increase.
Overall, Ju's comments suggest that he remains bullish on Bitcoin, despite the current price action. He believes that the "boring" market is an opportunity for investors to accumulate Bitcoin, and that the next halving event may drive up the price.
#Share Your Pending Orders for BTC Spot#Share Your Thoughts on Popular Assets in March
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