Bitcoin Bull Cycle Is Not Over, According to CryptoQuant CEO – Unless This Key Level Is Crossed

The chief executive of a prominent crypto analytics firm believes that the Bitcoin (BTC) bull market is far from over despite a correction to the $78,000 level.

CryptoQuant CEO Ki Young Ju tells his 409,400 followers on the social media platform X that he expects severe corrections during bull cycles and that Bitcoin may soon return to six figures.

However, he warns that if Bitcoin drops well below $75,000, it will likely mark the end of the current bull market cycle.

“I’m bullish. The bull cycle is not over. The cycle I’m referring to includes a potential 30% drawdown at some point. If the price drops significantly below $75,000, I’d be wrong. I didn’t change my stance. I’ve been consistent about the bull cycle and the possibility of a 30% correction.”

He also believes that Bitcoin may remain in the consolidation phase for a while longer based on the spot trading volume metric, similar to a pattern in early 2024, before possibly breaking through the range high of about $100,000.

“Bitcoin spot volume was highly active around $100,000. In the distribution phases, prices drop when new liquidity dries up. The key question regarding whether the BTC market will face years of bear markets is: Where will fresh liquidity come from?

We’ll likely see an extended consolidation in the wide range (e.g., $75,000-$100,000), similar to early 2024, in my opinion. This could last until some good news for Bitcoin brings in new liquidity.”

Bitcoin is trading for $84,247 at time of writing, down 22.1% from its all-time high of $108,786, which it hit on January 20th.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Bitcoin Bull Cycle Is Not Over, According to CryptoQuant CEO – Unless This Key Level Is Crossed appeared first on The Daily Hodl.