CryptoQuant’s CEO, Ki Young Ju, indicates that on-chain metrics suggest the resurgence of a Bitcoin (BTC) bull market. He shared with his 361,000 followers on the social media platform X that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which gauges investor sentiment, has transitioned back to a bullish signal after briefly entering bear territory.
“Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days.”
Source: Ki Young Ju/X
According to Ju, the data leads him to believe that the bull market remains intact. However, he mentions that if the market fails to recover within the next two weeks, he may need to rethink his stance. “I follow the smart money, so if I’m wrong, it means the new whales are either misguided or have underestimated the macro environment.”
Recently, Ju reported that 404,448 Bitcoin were transferred to permanent holder addresses over the last month, signaling a clear trend of accumulation. “Within a year, some entities—be they traditional finance institutions, corporations, governments, or others—will declare that they’ve acquired Bitcoin in Q3 2024. Retail investors will likely regret not buying it, worrying instead about the German government selling, Mt. Gox, or various macroeconomic issues.”
Source: Ki Young Ju/X
As of this writing, Bitcoin is priced at $61,093.
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**Disclaimer:** The views expressed at The Daily Hodl do not constitute investment advice. Investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are your own responsibility, and any losses incurred are yours alone. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
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