Ki Young Ju, CEO of CryptoQuant, has expressed optimism about Bitcoin’s future. According to Ju, the market is currently experiencing a bull cycle, and he anticipates that Bitcoin’s price will continue to rise. His comments suggest strong confidence in the ongoing upward trend.
We're in the bull market. #Bitcoin will go up.Apologies for my off prediction on the short-term correction. I wasn't implying a bear market, just a correction.Based on the cumulative capital flowing into the #Bitcoin market, the current upper limit appears to be $135K. https://t.co/hd09s1TJo4 pic.twitter.com/RB3lv3fw6w
— Ki Young Ju (@ki_young_ju) November 17, 2024
Ki Young Ju Clarifies Short-Term Correction, Stays Bullish on Bitcoin
Ju said that he had recently stated that Bitcoin could correct in the short term but that he was not expecting a bear market. Instead, he said that corrections are normal in a growing market. “Sorry for my wrong forecast on the short-term bounce,” Ju said. He said that the corrections are typical for short-term declines in the long-term upward trend.
In fact, the evidence for Ju’s positive attitude can be seen. He talks of what he calls the realized cap, which is a measure of the total value of Bitcoin based on the last price it traded at. Ju says that the above measure suggests that the current price of Bitcoin could reach $135,000.
Ju Believes Bitcoin Could Reach $135K with Continued Capital Inflows
The realized cap metric provides a much better picture of what Bitcoin is worth compared to a mere market cap. It depicts the market price of the Bitcoin in existence based on the price at which it was traded last. Following the trend in capital value inflows into the market, Ju believes that this will take Bitcoin towards the ceiling figure of $135,000.
To sum up, according to Ju of CryptoQuant valuable asset is in the strong bull phase even when there are short-term fluctuations. As capital flows continue to rise and the realized cap continues to grow at a similar rate, he estimates that Bitcoin could easily reach $135,000 soon. This bullish outlook shows that people are increasing their faith in Bitcoin and its future appreciation, which is good for more gains in the future months.
