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

Bitcoin Bulls Are Not Finished

In a current X (previously Twitter) put up, Ju expressed robust bullish sentiment concerning Bitcoin, highlighting elements that recommend that Bitcoin’s upward trajectory is prone to proceed. The Crypto Quant CEO shared an important indicator depicted in a value chart, showcasing the proportion of Realized Cap throughout 4 age bands for BTC. 

In accordance with knowledge 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 constructive outlook for BTC in 2024. 

Moreover, the CEO has acknowledged that the first catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, relatively 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 file highs, surpassing $73,000 beforehand, however skilled a serious pullback of about 8.33% over the previous week. On the time of writing, Bitcoin’s value is under $70,000, buying and selling at $67,225, in accordance with CoinMarketCap.

Ju has revealed potentialities for much more declines, predicting a possible value drop of 50% for the cryptocurrency if a most drawdown of 30% happens. The CEO has acknowledged that for this occasion to occur, new whales, significantly ETF consumers, should enter the Bitcoin market at $56,000 on common. 

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

Retail Buyers Nonetheless Making Their Manner Into The Market

Reinforcing his perception that “Bitcoin remains to be in the course of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic prime has not but been breached. The CEO recommended that extra value upswings had been nonetheless set for Bitcoin, as retail buyers haven’t totally entered the market but.  

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

Echoing Ju’s convictions about Bitcoin’s long-term value improve, Bitcoin analyst Willy Woo encourages buyers to embrace the dip in the course of the current consolidation section. The analyst confidently asserts that “this isn’t the highest,” however relatively a easy interval of consolidation paying homage to earlier all-time highs. 

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