Bitcoin Will Be Bullish Again, Here's Why!

JAKARTA - The crypto market is again showing a positive signal after the period of uncertainty that hit. Ki Young Ju, CEO of the analytic firm CryptoQuant, stated that on-chain data shows Bitcoin (BTC) is entering a bullish phase.

In a statement made to 361,000 followers on social media platform X, Ju revealed that the indicator of CryptoQuant's Bitcoin bull market cycle that tracks investor sentiment phase is now again indicating a bullish trend after slumping to bearish territory.

Ju menjelaskan bahwa sebagian besar indiksi cycle Bitcoin yang sebelumnya berada dibatas antara bullish dan bearish, kini telah beralih kembali menjadi sinyal bullish. Ia mencatat bahwa Bitcoin hanya mengalami diskon harga selama tiga hari sebelum kembali pulih.

Based on these data, Ju believes that crypto markets and Bitcoin will be excited again. However, he noted that if the market does not show recovery in the next two weeks, he may reconsider his conclusions.

"I'm following in the footsteps of smart money, so if I'm wrong, that means the new whale is either wrong or underestimates macroeconomic conditions," he said.

Ju also reports that 404,448 Bitcoins have been transferred to permanent holders' addresses over a period of 30 days, a strong indication that accumulation is ongoing. This indicates that major market players, who could be traditional financial institutions (TradFi), companies, governments, or other entities, are likely to announce Bitcoin acquisition in the third quarter of 2024.

Ju warned that retail investors who are reluctant to buy Bitcoin for worrying about selling BTC from the German government, the Mt. Gox case, or other macroeconomic conditions, may regret it in the future. In the midst of volatile crypto market dynamics, these bullish signals from CryptoQuant can provide hope for investors looking forward to a positive trend in the crypto market.