Editor's PiCK
[Analysis] "Bitcoin Bullish with New Capital Influx… Plenty of Upside Potential"
Summary
- Ju Ki-Young stated that the Bitcoin market is gaining momentum with the influx of new capital.
- The rise in Bitcoin's realized market cap indicator is evidence that the price is still far from a bubble.
- It is projected that Bitcoin's price has the potential to rise from $129,000 to $146,000.
Bitcoin (BTC), which broke the $100,000 mark with a tremendous surge today, is expected to show an even stronger rally.
According to a report by Cointelegraph on the 5th (local time), Ju Ki-Young, CEO of the on-chain analysis platform CryptoQuant, stated, "New capital is invigorating the Bitcoin market. As a result, the realized market cap indicator is rising, and there is still no bubble."
Based on a price prediction model using Bitcoin's realized market cap (a market cap indicator based on supply and price fluctuations), the upper price of Bitcoin rose from $129,000 last month to $146,000, an increase of $16,000 in just 30 days.
Ju Ki-Young explained, "The current Bitcoin price of $102,000 is far from the bubble that some claim. To reach what is considered a bubble, it would need to surge more than 43% from now."
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
