tl;dr
The chief executive of market intelligence firm CryptoQuant, Ki Young Ju, asserts that Bitcoin remains in a bull market, citing its surge over the weekend and the involvement of deep-pocketed investors using Coinbase. He points to metrics such as Bitcoin's hash rate and Market Value to Realized Valu...
Ki Young Ju, CEO of CryptoQuant, asserts that Bitcoin remains in a bull market, pointing to its surge over the weekend and the involvement of deep-pocketed investors using Coinbase. He emphasizes metrics such as Bitcoin's hash rate and Market Value to Realized Value (MVRV) indicator to support his bullish outlook. Despite a retracement on Monday due to Trump tariff news, Bitcoin is currently trading at $83,284, down 10.4% in the last 24 hours.
In a new thread, Ki Young Ju tells his 410,300 followers on the social media platform X that Bitcoin’s surge on Sunday confirms his belief that Bitcoin’s bull market is far from over – as long as it doesn’t fall significantly below the $75,000 level.
Bitcoin surged over the weekend from around $84,000 to around $94,000 after President Trump announced a crypto strategic reserve for the US that will include the flagship digital asset. Ki Young Ju also states that deep-pocketed investors using the top US crypto exchange Coinbase were propelling Bitcoin to higher price levels over the weekend.
The CEO points to other metrics that continue to signal bullishness, including Bitcoin’s hash rate, which measures the computational power used by miners to secure the BTC network. He also highlights Bitcoin’s Market Value to Realized Value (MVRV) indicator, which shows the price of the flagship crypto asset is likely to go up based on historical precedence.
The flagship digital asset did retrace on Monday amid the Trump tariff news that caused a sell-off in the stock market. Bitcoin is currently trading for $83,284, down 10.4% in the last 24 hours.