While Bitcoin fell from $ 73,000 to $ 63,000, some analysts do not paint an optimistic picture about the BTC price.
At this point, while many analysts thought that the correction in Bitcoin would continue, a new post came from CryptoQuant CEO Ki Young Ju.
Stating that the Bitcoin market has overheated in the short term, Ju said that the correction could continue up to $ 51,000 with a maximum rate of 30%.
Arguing that individual investors have not yet fully entered the market, the famous CEO said that Bitcoin has not yet reached its peak.
“The Bitcoin market is experiencing short-term overheating.
Bitcoin has not yet reached its cyclical peak and retail investors have not fully entered the market. At this point, ETF demand needs to be monitored.
“Bitcoin is correcting, where with a maximum decline rate of 30%, BTC may drop to $ 51 thousand because new whales, namely ETF buyers, bought BTC at an average price of $ 56 thousand.”
1/ #Bitcoin market shows short-term overheating.
2/ Not the cyclical top yet; retail investors have not fully entered the market, and ETF demand needs monitoring.
3/ Undergoing correction; $51K if max drawdown 30%, new whales(= ETF buyers) entered at $56K on average.
— Ki Young Ju (@ki_young_ju) March 19, 2024
While Ki Young Ju continued his analysis of BTC, he said in his new post that Bitcoin was fed by spot ETFs, not by the halving event expected to take place in April.
At this point, the famous name pointed out that the BTC price increased due to the ETF effect, and stated that after the halving, miners will ensure that the BTC price remains at a certain level in order to make a profit.
*This is not investment advice.
