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Amidst the recent Bitcoin pullback from its earlier all-time excessive above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto group that the BTC bull market is far from over. 

Bitcoin Bulls Are Not Done

In a current X (previously Twitter) submit, Ju expressed sturdy bullish sentiment concerning Bitcoin, highlighting components that counsel that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared a vital indicator depicted in a worth chart, showcasing the share of Realized Cap throughout 4 age bands for BTC. 

According to information from the worth chart, the noticed developments from the Realized Cap of 4 age bands from 6 months to a few years point out a positive outlook for BTC in 2024. 

Additionally, the CEO has stated that the first catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, somewhat than the upcoming Bitcoin halving occasion in April. 

After the introduction of Spot Bitcoin ETFs, BitcoBTCin launched into an exponential rally, reaching heights not witnessed since its earlier bull run in 2021. The cryptocurrency rose to report highs, surpassing $73,000 beforehand, however skilled a significant pullback of about 8.33% over the previous week. At the time of writing, Bitcoin’s worth is beneath $70,000, buying and selling at $67,225, in response to CoinMarketCap.

Ju has revealed possibilities for even more declines, predicting a possible worth drop of fifty% for the cryptocurrency if a most drawdown of 30% happens. The CEO has said that for this occasion to occur, new whales, notably ETF consumers, must enter the Bitcoin market at $56,000 on common. 

While this outlook could seem bleak, the Crypto Quant founder has additionally expressed sturdy perception within the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows.  

Retail Investors Still Making Their Way Into The Market

Reinforcing his perception that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not but been breached. The CEO suggested that extra worth upswings have been nonetheless set for Bitcoin, as retail traders haven’t absolutely entered the market but.  

According to the Crypto Quant founder, solely 50% of retail traders have entered the market, indicating the midway level in the direction of “Bitcoin euphoria”. This means that if extra retail traders flood the market, BTC might doubtlessly rise to new peaks, pushed by elevated demand and capital inflows. 

Echoing Ju’s convictions about Bitcoin’s long-term worth improve, Bitcoin analyst Willy Woo encourages traders to embrace the dip throughout the current consolidation section. The analyst confidently asserts that “this is not the top,” however somewhat a easy interval of consolidation harking back to earlier all-time highs. 

BTC bulls start to reclaim management | Source: BTCUSD on Tradingview.com

Featured picture from Decrypt, chart from Tradingview.com

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