CryptoQuant CEO Ki Young Ju stated that the Bitcoin (BTC) market is still far from reaching its cycle peak and that the cryptocurrency continues to move forward with a strong bullish trend. Contrary to the bearish expectations of some analysts, on-chain data shows that the market still has a positive outlook. Ju touched on some important factors that support this rise.$BTC
According to Ju, Bitcoin has spent the last two years in a bull market, and this is confirmed by on-chain data. Stating that $7 billion in new capital inflows per week support the market, Ju emphasized that this capital flow continues to keep the bull trend alive. He also stated that although the market has experienced some corrections, it has not yet reached the peak of its cycle.
According to these data, it is stated that Bitcoin's upward cycle continues and has the potential to show a strong performance in the coming period. Experts predict that Bitcoin will continue its current movements in the long term.
Whales, known as large capital owners in the market, continue to increase their Bitcoin assets. Ju stated that whale accumulations are no longer an uncommon situation in the sector. Although whale movements were seen to cause market fluctuations in the past, he stated that today these strategies contribute to the bull period of the market and have become the norm. This situation creates an effect that increases market confidence for investors.
Ju argues that Bitcoin is not creating a market bubble. If an asset creates a market value that exceeds the capital invested in it, the bubble theory can be debatable. However, he said that Bitcoin is not in such a situation at the moment.
Bitcoin’s current price is trading at $96,387 and while it has lost 1.9% in the short term, long-term on-chain data suggests that the market remains strong. Investors can hold on to their positions by carefully determining their strategies in the meantime.