Ki Young Ju, CEO and analyst at CryptoQuant, expressed his view that Bitcoin has re-entered a bull market cycle based on on-chain data.
In a post on X on August 9, Young Ju explained that the bull-bear market cycle indicator, which tracks investor sentiment, has returned to showing bullish sentiment after previously being in bearish territory.
“Most of Bitcoin’s on-chain cycle indicators, which were previously near the boundary line, have now flipped to indicate a bull market. BTC was only at a discount for three days,” he wrote.
Massive Bitcoin Accumulation Signals Bullish Trend
Earlier, Young Ju revealed that in the last 30 days, approximately 404,448 Bitcoin had moved to permanent holders’ addresses, signaling strong accumulation and a bullish signal.
He warned that retail investors might regret not buying Bitcoin soon, as institutions are likely to announce significant Bitcoin acquisitions in the third quarter of 2024.
Additionally, other indicators supporting the bullish sentiment include the near completion of Bitcoin miner capitulation, with Bitcoin’s hashrate approaching an all-time high. The cost of mining Bitcoin in the United States is around $43,000 per coin, indicating stability.
Based on his observations, Young Ju believes that the bull market cycle remains intact. However, if the market does not recover within the next two weeks, he said he might reconsider his conclusion.
Bitcoin experienced a sharp decline on August 5, reaching a low of $49,000 from its initial position of $65,000, amid global macroeconomic turmoil. The crypto community later referred to this event as Crypto Black Monday.
However, the decline did not last long. Bitcoin quickly recovered the next day, reaching $55,000 and continuing its upward trend to $62,500 on August 9.
As of this writing, Bitcoin’s price remains stable at around $58,521, with an increase of nearly 8% over the past week, according to data from CoinMarketCap.
Follow our Twitter : https://x.com/safubit
Read : Analyst: Shiba Inu Set to Soar 696% in 2024 (dinodapps.com)
