Bitcoin (BTC) remained below $90,000 ahead of Christmas, but showed a slight recovery in the last 24 hours.
While it remains to be seen whether the rally will continue, the CEO of CryptoQuant indicated that whale buying is behind this increase.
CryptoQuant CEO Ju Ki-young stated in a post on his X account that Bitcoin whales are in the buying phase and a price increase is expected.
Based on the average transaction size in the spot Bitcoin market, the renowned CEO stated that Bitcoin is currently in a phase where large investors are buying, and predicted that this phase will be followed by a price increase.
Ju stated that the spot Bitcoin market typically follows a specific pattern and manifests in two ways, outlining the stages as follows:
“1) Individual investors buy → large investors sell → price falls”
2) Individual investors sell → large investors buy → then the price rises.
There’s a downward trend on the on-chain market and an upward trend off-chain. However, I think we’re currently in a period where whales are buying, and that’s why I expect a price increase afterwards.”
*This is not investment advice.