Bitcoin On-Chain Indicators Shifting Back to Bull Market, According to CryptoQuant CEO
CryptoQuant head Ki Young Ju says that on-chain data is signaling that the Bitcoin (BTC) bull market is back on.
The CEO of the analytics firm tells his 361,000 followers on the social media platform X that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which tracks phases of investor sentiment, is back to bullish after briefly dipping into bear territory.
“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days.”
Based on the data, Ju says he believes the bull market is still intact. However, if the market doesn’t recover in the next two weeks, he says that he may reconsider his conclusion.
“I follow the smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment.”
Ju recently reported that 404,448 Bitcoin had moved to permanent holder addresses over a 30-day period, a clear sign of accumulation.
“Within a year, some entities – whether they’re TradFi (traditional finance) institutions, companies, governments, or others – will announce that they’ve acquired Bitcoin in Q3 2024.
And retail investors will regret not buying it because they were worried about the German government selling, Mt. Gox, or whatever macroeconomic shit was going on.”
At time of writing, Bitcoin is trading at $61,093.
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