Ki Young Ju, CEO of CryptoQuant, announced the end of Bitcoin’s bull cycle, predicting a bearish trend for 6-12 months. However, analyst Plan B disagrees, foreseeing continued growth.
Ki Young Ju's Bitcoin Analysis
Ki Young Ju suggested that Bitcoin's bull run has concluded based on new on-chain data. Using Principal Component Analysis on metrics like MVRV, he predicts a bearish market for 6-12 months, citing a lack of new liquidity and increased selling pressure from new whales.
Bitcoin Price Drops Raise Concerns
Bitcoin’s price fell to $58,230, dropping by 5.2% over 24 hours, intensifying market concerns. Increased miner sell-offs and positive exchange netflows indicate a shift.
Criticism of CryptoQuant's Prediction
In 2020, a similar warning was issued by CryptoQuant, which proved incorrect as Bitcoin soared. Critics, citing past inaccuracies, remain unconvinced by current bearish claims. Plan B, known for the Stock-to-Flow model, predicts ongoing Bitcoin growth, aiming for $100,000 benchmarks, highlighting ongoing debates over Bitcoin’s future trajectory.
Analysts' opinions on Bitcoin's future diverge, leading to debates among investors. Time will tell what the next trend in the cryptocurrency market will be.
