Bitcoin Bull Run Remains Intact Despite Correction28. July 2023
• Bitcoin is still in a bull cycle, according to CryptoQuant CEO Ki Young Ju.
• The majority of BTC acquired or mined more than six months ago has remained static, indicating low selling pressure from long-term holders.
• The crypto market is likely to remain calm until the supply of stablecoins rises.
Bitcoin Maintains Bull Cycle Despite Correction
The co-founder and CEO of analytics platform CryptoQuant, Ki Young Ju, has analyzed Bitcoin (BTC) as the flagship cryptocurrency hovers nearly 10% below its 2023 high. According to Ju, Bitcoin is still in a bull cycle due to the low selling pressure being witnessed as a result of the majority of BTC acquired or mined more than six months ago remaining static. He notes that while lower selling pressure doesn’t guarantee a price increase, it’s less likely that Bitcoin is at its cyclic top yet.
Stablecoin Supply Low
Ju also mentioned that stablecoins for BTC are good news and people are buying BTC using stablecoins. However, he pointed out that the market will be boring until more stablecoins are injected for buy-side liquidity. Last month he said that the level of stablecoin supply was low and USDT was eating up most of the market share with its $83 billion dollar market cap compared to USDC’s $26 billion dollar market cap.
Low Selling Pressure
Ju believes that investors should take note of the low selling pressure currently present in Bitcoin which indicates possible further upside potential for its price if it can continue maintaining this trend over time. This means that even though there could be short term corrections within its current bull run cycle, we may not have seen the peak yet as long as buying pressure remains strong enough to counter any negative momentum felt by sellers on pullbacks and retracements.
Price Rally Not Guaranteed
While Bitcoin remains in its current bull cycle, Ju cautions investors against assuming any guaranteed price rally ahead since lower selling pressure does not always lead to an increase in value for any asset – particularly one as volatile as cryptocurrencies can sometimes be. Instead he recommends monitoring both buying and selling pressures carefully so you can make informed investment decisions about when or when not to enter into positions in order to maximize potential gains while minimizing risk exposure at all times.
With all things considered it appears that although there could be temporary corrections along this current bull run there are some indications pointing toward a continuation upwards if buying pressures remain strong enough throughout 2021 and beyond going forward into 2022 – especially considering how much longer term holders have remained relatively inactive during this rise which suggests they may be looking towards larger targets before cashing out profits from their investments anytime soon!