BitcoinThe recent price rally has sparked renewed optimism within the community regarding the crypto asset’s short-term outlook, with several analysts predicting an imminent BTC price rally. Following the market buyout, Ki Young Ju, the CEO of leading on-chain data provider CryptoQuant, has reassured Cryptocurrency investors believe that the Bitcoin bull market is still active, suggesting a potential price rally in the coming months.
CryptoQuant CEO and founder Ki Young Ju has expressed his positive outlook on Bitcoin after studying several bullish and bearish on-chain performances of the crypto asset.
Bitcoin Poised for Gains as Bull Market Still Intact
Highlighting the blockchain’s bullish performance, Ju began by highlighting the rebound in BTC’s hash rate, which is gradually approaching its all-time high. Ju is confident that the hash rate will remain stable unless the BTC price falls below the mining costs in the United States, at around $43,000 per BTC.
Another bullish development he highlighted is the rise of Bitcoin. whale accumulation among permanent holders and new holders despite market volatility. Over the past 30 days, there has been an increase of 404,000 BTC in permanent holder addresses, as well as 40,000 BTC in US Spot Bitcoin exchange-traded funds (ETFs).
Other positive on-chain performances include the absence of retail investors, mirroring that of 2020 before Bitcoin skyrocketed in 2021, and reduced activity from legacy whales, especially those older than 3 years. Given that these legacy whales investors sold their BTC holdings to new investors between March and June, Ju noted that they are not exerting any substantial selling pressure at the moment.
Meanwhile, on the bearish side, Ju highlights forced selling resulting from macro risks, drawing attention to Jump Trading’s recent massive crypto deposits and Binance’s daily deposits hitting a new year-to-date (YTD) high.
He added that several on-chain indicators are showing bearish sentiment, likely due to the weekend crash. While these indicators are borderline, the CryptoQuant CEO believes that a market rebound could be difficult if the negative trends continue for more than two weeks.
Given these developments, Ju still believes that the bull market The market is intact. However, the market’s failure to recover in the next two weeks could cause Ju to reconsider his assessment. “I’m the smart money, so if I’m wrong, it means the new whales are either misinformed or have underestimated the macro environment,” he added.
BTC rebound is almost over
Bitcoin is still struggling to fully rebound after falling to around $50,000 following the weekend crash. However, popular crypto analyst and trader Doctor Profit, revealed that the digital asset is getting closer to a full price recovery, and all bearish rumors have abruptly disappeared.
According to the expert, Bitcoin has seen a surge of over 17% in the last 3 days, and with only 2% of the pump remaining, Bitcoin can recover all losses from Monday’s crisis.
Featured image from Adobe Stock, chart from Tradingview.com
