Bitcoin Bull Cycle Can Withstand A 30% Price Correction, CryptoQuant CEO Says
CryptoQuant CEO Ki Young Ju says Bitcoin (BTC) will not slide into a bear market this year, citing a positive bull range. Recent crypto price trajectories have sparked low sentiments amid persistent volatility. In light of these, several experts have backed the price action, highlighting pro-industry factors. Bitcoin price remains under $100K as the United States trade policies affect the asset and tech stocks.
BTC Price At $77K Wont Trigger Bear Phase
Young Ju explained in a series of X posts that the bull market is still taking its course despite headwinds. After posting data on the realized price for many investor categories including old whales, new whales, miner balances, etc he projected the bull run to take its course this year.
Replying to an X user on the conditions if participants dumped 20% of holdings, he added that even a 30% dip from the all-time high would not trigger a bear market. Last month, the price soared past $109K, setting a 30% mark around $77K, citing past cycles. This fueled new optimism among traders today, as bulls point to a recovery before the end of the month.
I dont think well enter a bear market this year. Were still in a bull cycle. The price would eventually go up, but the range seems broad. I personally think that the bull cycle could continue even with a -30% dip from ATH (e.g., 110K 77K), as seen in past cycles.
Bitcoin price trading below $100k sparked a series of major upsets on the broader market. First, retail traders sold huge holdings, watering down anticipation for the bull beak. While institutional volumes are major indicators, retail numbers are also crucial to increased adoption. Furthermore, present trends caused major outflows in altcoins below the previous support levels.
Institutional Investors Back Major Rebound
Like Young Ju, several industry participants and institutions have restated bull predictions. Amid retail outflows, institutions capitalized to buy the dip, creating favorable positions ahead of a recovery. Recently, huge whales picked up large amounts of assets coupled with a move out of exchanges.
A major driver of BTC sentiment remains spot ETFs in the United as products continue to attract inflows. These funds have led to many firms making significant investments as mainstream exposure soars. Recently, Ark Invests CEO Cathie Wood restated a $1.5 million bull case by 2030.
Read more: https://zycrypto.com/bitcoin-bull-cycle-can-withstand-a-30-price-correction-cryptoquant-ceo-says/
Text source: ZyCrypto
