Bitcoin (BTC) Bear Market Phase Disappoints Investors

According to Ki Young Ju, CEO of CryptoQuant, Bitcoin bear market phase, which has disappointed many investors.

CryptoQuant CEO Ki Young Ju has shared his analysis suggesting that Bitcoin (BTC) has entered a bear market phase.

According to Ju, market capitalization alone cannot fully track the Bitcoin bull market. When selling pressure is low, even small purchases of Bitcoin can push market capitalization to new highs. However, when selling pressure is high, even large acquisitions like Strategy’s $1.92 billion purchase of 22,048 BTC cannot easily trigger price increases.

An increase in Realized Cap indicates new capital entering the market, while a decrease in market capitalization indicates bearish sentiment. This means that despite fresh capital flowing in, the price is not showing a positive response, which according to Ju, marks the end of Bitcoin’s bull market.

Also Read: Is Bitcoin Ready For A Final Ascent To $100,000 As Whale Buys Continue Despite Trade War Pressure?

Despite Bitcoin’s strong fundamentals and massive on-chain acquisitions, on-chain indicators are showing less encouraging results. Bitcoin price is currently in a consolidation pattern with a bearish pennant, which could indicate further price declines.

Crypto Sat predicts a short-term drop to $80,000, with the current price at $82,950. Ju himself has a more gloomy outlook, stating that the chances of a short-term rally are very slim.

According to him, it usually takes about six months for Bitcoin to break out of a bear market. This implies that the selling pressure may subside at any time, but historically, a true reversal takes at least six months.

Also Read: XRP Open Interest Surpasses $3 Billion, Will Price Follow Suit?

Amidst the negative sentiment, the US Treasury Secretary, Scott Bessent, praised Bitcoin as a store of value comparable to gold. This shows that despite market volatility, there is still belief in Bitcoin’s long-term value as an investment asset.

This praise may provide some relief to investors who are concerned about the current bearish trend. However, investors need to understand that the cryptocurrency market is known for its high volatility and requires a well-considered investment strategy.

Stay tuned for more updates and analysis on Bitcoin and other cryptocurrencies.

For more information about crypto, including academy content for beginners and experts, visit Pintu Academy and expand your knowledge on the world of crypto and blockchain.

Follow us on Google News for the latest scoops and updates in the crypto and blockchain technology sphere. Download Puntu Crypto via Google Play Store or App Store to enjoy easy and secure crypto trading experiences.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

This content aims to provide readers with richer information. Pintu collects this information from various relevant sources and is not influenced by any external parties. Please note that an asset’s past performance does not guarantee its projected future performance. Crypto trading activities carry high risk and volatility. Always conduct your own research (DYOR) and use unallocated cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the reader’s own responsibility.