Summary
- Ju Ki-young, CEO of CryptoQuant, diagnosed that the Bitcoin rally is not over yet.
- He assessed that it is difficult to conclude the peak as the buying pressure for Paper Bitcoin is still maintained.
- He stated that it is too early to predict a downtrend until the buying by institutions like ETFs slows down.
An analysis has emerged suggesting that Bitcoin (BTC) has not yet lost its upward momentum.
On the 31st, Ju Ki-young, CEO of CryptoQuant, stated on X (formerly Twitter) that "the Bitcoin rally isn't over," and noted that "the buying pressure for Paper Bitcoin (Bitcoin in the form of financial products rather than the actual asset) is still maintained."
He emphasized, "There is no need to hastily conclude the peak of this cycle until the buying by Exchange-Traded Funds (ETFs), MicroStrategy, and institutions slows down." In 2021, a significant decline in GBTC inflows marked the beginning of a major downtrend.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
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