Ki Young Ju, the head of CryptoQuant, says on-chain data signals that Bitcoin’s bull market has returned.
After briefly dipping in bear territory, the CEO of CryptoQuant, the firm that provides analytics, tells 361,000 of his followers on social media platform X, the Bitcoin bull-bear cycle indicator is now bullish.
The majority of Bitcoin on-chain indicators, which were nearing the edge before now signaling bullish market conditions. BTC’s discount lasted only 3 days .”
Ju believes that the bull market remains intact based on his data. If the market does not recover within the next two week, Ju says he will reconsider his decision.
Ju reported recently that over the course of a 30 day period 404 448 Bitcoins had been moved from temporary addresses to permanent holders. This is a sign of an accumulation.
Within a year some entities, whether TradFi institutions (traditional financial) companies, governments or other, will announce they have acquired Bitcoin by Q3 2024.
Retail investors who were concerned about Mt. It’s Gox or whatever the macroeconomic crap was .”
Bitcoin currently trades at $61,093.
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As new information becomes available, this post Bitcoin On Chain Indicators Shifting back to Bull Market According to CryptoQuant Chief Executive Officer may be updated.
