CryptoQuant CEO Calls Bitcoin Not Bubble, Here's What He Thinks!

JAKARTA Bitcoin, the number one crypto asset by market cap, has seen a significant increase in recent weeks. Today, the price of Bitcoin has fallen 2.4% in the last 24 hours. Even so, big investors still don't stop accumulating BTC.

CryptoQuant CEO Ki Young Ju shared his views on how whales affect the price of Bitcoin, as well as providing an overview of changing trends in the market.

Ju menyebutkan bahwa berita mengenai akumulasi Bitcoin oleh whale kini sudah menjadi hal biasa dan tidak lagi mengejutkan seperti beberapa tahun lalu. Saat ini, aktivitas investor retail mulai berkurang, memberikan ruang bagi whale untuk semakin medominasi pasar. Perubahan ini memmenangkan perubahan besar dalam dinamis pasar kripto.

However, Ki Young Ju emphasized that this condition is not a bubble. Based on on-chain data, there are fresh funds worth USD 7 billion (IDR 113.4 trillion) that enter the Bitcoin market every week.

This shows strong support for the current price of Bitcoin. It also predicts that price corrections to 30% may occur, but they are only temporary. After that, the price of Bitcoin is expected to rise again by more than 30%.

The Market Value to Realized Value (MVRV) indicator used by Ki Young Ju shows that Bitcoin is still in the safe zone. With the MVRV at the level of 1.8, the price of Bitcoin is considered higher than its real value, but has not yet entered a high-risk overvalued region.

Currently, the price of Bitcoin was corrected by more than 15% of its record high at 108,000 US dollars (Rp1.75 billion) last week. On Friday 27 December, the price of Bitcoin was at the level of 95,202 US dollars (Rp1.54 billion), down 3% in the last 24 hours. Despite the decline, Ki Young Ju is optimistic that the peak of the Bitcoin increase cycle is still far from over.