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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.”
Source: Ki Young Ju/X
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.
