Ju: “Bitcoin Entered Into The Early Bull Phase”

Crypto money markets, which started the year fast, lost some momentum in the last week of January and moved more horizontally. Ki Young Ju, CEO of analytics firm CryptoQuant, thinks that Bitcoin may be in the first phase of the bull season.

Citing his views on Twitter, Ki Young Ju first claimed, based on non-blockchain data, that according to the profit and loss data, most of his investors are currently holding their assets with realized losses and would not be willing to sell them at a loss at these levels. He stated that high-volume sales can only occur in mandatory and undesirable situations such as bankruptcy, cryptocurrencies confiscated by the state. Ju acknowledges that Bitcoin is still under the influence of macroeconomic risks and predicts that more bankruptcies, mergers and various acquisitions may occur due to the contagion effect in the coming days. CryptoQuant CEO points out that despite the recent upward momentum in Bitcoin, large investors have not switched to the seller side. He sees this as strong evidence that the market has not yet reached its target price.

While Bitcoin remains flat this week, yesterday’s volatility can be interpreted as Bitcoin undergoing a short-term stress test. Although the rise in the crypto market seems to have slowed down, the trend continued with the arrival of a new wave of demand after a similar situation on January 15 – 20.