According to U.Today, Ki Young Ju, the CEO of cryptocurrency analytics firm CryptoQuant, has stated that Bitcoin, the leading cryptocurrency, remains in a bull market. This assertion comes despite the cryptocurrency experiencing several significant corrections in this cycle. Currently, Bitcoin is down 14% from its all-time high of $73,737, achieved in March following the successful introduction of several exchange-traded funds.
Ju referred to the current price action as 'boring,' suggesting it offers an investment opportunity. He believes this is an optimal time for large investors, or 'whales,' to begin accumulating the cryptocurrency. A chart provided by Ju indicates that Bitcoin is currently experiencing very low market activity, as shown by the Garman-Klass Realized Volatility indicators. As of the latest data, Bitcoin reached an intraday high of $63,694 and is currently trading at $63,182, marking a 2.8% increase over the past 24 hours.
Travis Kling from Ikigai Asset Management has recently stated that the recent correction in Bitcoin's price is understandable due to concerns over supply overhang. However, several respected analysts believe that Bitcoin has not yet reached its peak. Tom Lee from Fundstrat, for example, maintains his prediction of a $150,000 price for Bitcoin. Similarly, Peter Brandt, a well-known commodity trader, has predicted that Bitcoin could reach $150,000 during this cycle. Despite this, Brandt also acknowledges the possibility that Bitcoin may not reach a new peak and could potentially drop to the $55,000 level.