CryptoQuant CEO Ki Young Ju acknowledged his mistake regarding Bitcoin's future, which he previously predicted would enter a bearish phase. In a recent post, he shared insights on the market's current state.
Mistake in Prediction
Ki Young Ju stated that his earlier forecast that Bitcoin's bullish market had ended was incorrect. "I said two months ago that the bull market was over, but that prediction was wrong," he noted.
Changes in Bitcoin Market
According to Ju, the market has become more diverse, with large capital inflows through ETFs. He pointed out that selling pressure on Bitcoin is easing and that these substantial investments are changing the market trend.
Current Trends and Risks
Ju emphasized that the current market situation is unstable, caught between bullish and bearish signals. He remarked that while the recent price trend appears bullish, there is a possibility of profit-taking and a subsequent pullback.
The situation in the Bitcoin market remains uncertain, and according to Ki Young Ju, it is crucial to consider new factors such as the involvement of institutional investors and ETFs.
