CryptoQuant CEO Ki Young Ju, who had previously argued that the Bitcoin (BTC) bull cycle was over, admitted to the BTC prediction error.
In a lengthy post from her X account, Ki Young Ju admitted that her previous prediction about Bitcoin was wrong.
CryptoQuant CEO has withdrawn his previous bearish outlook for Bitcoin, stating that large-scale capital inflows via ETFs have changed the market trend.
“I said two months ago that the bull market was over, but that prediction was wrong.
Selling pressure on Bitcoin is easing and large-scale capital is flowing into the market via ETFs.”
Stating that the market is still much more complex, the famous CEO stated that he still sees the market as stagnant, stuck between bull and bear signals and slowly absorbing new liquidity.
He noted that the current market has become more diverse than its predecessors, moving beyond old whales, miners, and retail investors to include ETFs, Strategy, institutions, and government agencies.
Gone are the traditional profit cycles driven by whale sales at peaks, Ju said, and instead, cycles driven by institutions and ETFs are taking place.
Ju emphasized that at this point, new liquidity from institutions and ETFs could offset even large whale sales.
Stating that it is still too early to say anything clear, the CryptoQuant CEO said that Bitcoin and the market are neither clear bulls nor bears. Although the last price trend is bullish, he thinks that there may be profit taking after the rise and a pullback may occur.
“To be honest, I still think the market is in a slump as it absorbs new liquidity. Most indicators are hanging in the balance. It doesn't feel like a clear bull or bear market right now. Sure, the recent price action has been extremely bullish, but I'm talking about a profit-taking cycle.”
*This is not investment advice.
