Bitcoin‘s recent price recovery has triggered renewed optimism within the community regarding the crypto asset’s short-term prospects, with several analysts predicting an imminent price surge for BTC. Following the market redemption, Ki Young Ju, the Chief Executive Officer (CEO) of leading on-chain data provider, CryptoQuant, has reassured crypto investors that the Bitcoin bull market is still active, suggesting a potential price uptick in the upcoming months.
The CryptoQuant CEO and founder, Ki Young Ju, expressed his positive perspective toward Bitcoin after investigating several bullish and bearish on-chain performances of the crypto asset.
Bitcoin Poised For Gains As Bull Market Is Still Intact
Emphasizing the bullish on-chain performances, Ju, started by pointing out BTC’s hashrate rebound, which is gradually approaching its all-time high level. Ju is confident that the hashrate will remain steady unless BTC’s price falls below the United States mining costs at about $43,000 per BTC.
Related Reading: Crypto CEO Predicts Bitcoin Market Trends For The Mid-Term Using Miner Capitulation
Another bullish development he underlined is the rise in Bitcoin whale accumulation among permanent holders and new holders despite the market volatility. Over the past 30 days, there has been a 404,000 BTC rise in Permanent Holder addresses, as well as 40,000 BTC in US Spot Bitcoin Exchange-Traded Funds (ETFs).
Other positive on-chain performances include the absence of retail investors, mirroring that of 2020 before Bitcoin skyrocketed in 2021, and the reduction in old whale activities, particularly those older than 3 years. Given that these old investors sold their BTC holdings to new investors between March and June, Ju noted that they are not exerting any substantial selling pressure at the moment.
Meanwhile, for the bearish developments, Ju points to forced sell-offs as a result of macro risks, drawing attention to the recent huge crypto deposits from Jump Trading and Binance’s daily deposits reaching a new Year-To-Date (YTD) high.
He added that several on-chain indicators are showing bearish sentiment, probably due to the crash during the weekend. While these indicators are at the borderline, the CryptoQuant CEO believes a market rebound may be difficult if negative trends continue for more than two weeks.
Considering these developments, Ju still believes that the bull market is intact. However, the incapability of the market recovery in the next two weeks could cause Ju to reconsider his assessment. “I follow the smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment,” he added.
BTC Rebound Nears Total Completion
Bitcoin is still struggling to rebound completely after falling to about $50,000 as a result of the weekend crash. However, popular crypto analyst and trader, Doctor Profit, reveals that the digital asset is getting close to a full price recovery, and all of the bearish chatter has abruptly disappeared.
Related Reading: Bitcoin Trading Within A Clear Price Range Amid Market Whirlwind – Expert
According to the expert, Bitcoin has recorded a rise of over 17% in the past 3 days, and with only 2% of the pump remaining, BTC can recover all of the losses from the Monday meltdown.
Featured image from Adobe Stock, chart from Tradingview.com