Don’t Panic: The Bitcoin Bull Market Is Far From Over, Quant Says

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	14,732,021,832	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

14,732,021,832

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000025	0.000025	0.000025

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000025

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000025	0.000024	0.000025	0.000025	0.00000600 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000025

0.000024

0.000025

0.00000600 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:25:04	542,813.00	0.000025	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:25:04

542,813.00

0.000025

USD

Price x Volume	Volume	Base Symbol	Related Pairs
31,598,185.56	174,915,074,876.84	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

31,598,185.56

174,915,074,876.84

Don’t Panic: The Bitcoin Bull Market Is Far From Over, Quant Says

21/03/2024 5:00pm

NEWSBTC

Amidst the recent Bitcoin pullback from its previous all-time high above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that the BTC bull market is far from over. Bitcoin Bulls Are Not Done In a recent X (formerly Twitter) post, Ju expressed strong bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared a crucial indicator depicted in a price chart, showcasing the percentage of Realized Cap across four age bands for BTC. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x According to data from the price chart, the observed trends from the Realized Cap of four age bands from 6 months to three years indicate a positive outlook for BTC in 2024. Additionally, the CEO has stated that the primary catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin halving event in April. After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching heights not witnessed since its previous bull run in 2021. The cryptocurrency rose to record highs, surpassing $73,000 previously, but experienced a major pullback of about 8.33% over the past week. At the time of writing, Bitcoin’s price is below $70,000, trading at $67,225, according to CoinMarketCap. Ju has revealed possibilities for even more declines, predicting a potential price drop of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this event to happen, new whales, particularly ETF buyers, will have to enter the Bitcoin market at $56,000 on average. While this outlook may seem bleak, the Crypto Quant founder has also expressed strong belief in the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows. Retail Investors Still Making Their Way Into The Market Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not yet been breached. The CEO suggested that more price upswings were still set for Bitcoin, as retail investors have not fully entered the market yet. Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB According to the Crypto Quant founder, only 50% of retail investors have entered the market, indicating the halfway point towards “Bitcoin euphoria”. This suggests that if more retail investors flood the market, BTC could potentially rise to new peaks, driven by increased demand and capital inflows. Echoing Ju’s convictions about Bitcoin’s long-term price increase, Bitcoin analyst Willy Woo encourages investors to embrace the dip during the present consolidation phase. The analyst confidently asserts that “this is not the top,” but rather a simple period of consolidation reminiscent of previous all-time highs. BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com Featured image from Decrypt, chart from Tradingview.com

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