The co-founder and CEO of CryptoQuant says that Bitcoin (BTC) is in a bullish pattern that also has fuel left within the tank, regardless of the king crypto abruptly smashing via $43,000.
Ki Younger Ju tells his 327,800 followers on the social media platform X that primarily based on an combination of key metrics utilized by CryptoQuant, Bitcoin has extra upside potential.
“We’re within the bull market, fortunately not an overheated bull market.”
The analyst says that Bitcoin has flipped right into a adverse correlation with the S&P 500 (SPX) index, which he suggests signifies the king crypto is performing extra as a retailer of worth like gold, fairly than a risk-on tech inventory.
“Bitcoin entered a adverse correlation with the S&P 500. It’s not a tech inventory anymore. It’s the digital gold.”
Ju says the official begin of the present Bitcoin bull market cycle started again in August when crypto whales began aggressively going lengthy close to the $29,000 mark.
“Whale merchants opened giga lengthy positions at $29,000.”
The analyst additionally suggests that another excuse to stay bullish on Bitcoin is that retail buyers have but to considerably return to the crypto markets with their liquidity, that means bigger gamers received’t have the ability to effectively exit their positions.
“Retail merchants, the exit liquidity, have but to hitch the market.”
Bitcoin is buying and selling for $43,786 at time of writing, up 5.2% within the final 24 hours.
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